Second portfolio acquisition in the country for GLP and doubles Italian portfolio to 430,000 SQ M
GLP, a leading investor and developer of logistics warehouses and distribution parks, today announces the acquisition of ten logistics real estate assets located in Northern Italy. The 230,000 SQ M portfolio represents GLP’s second acquisition in the country in 2021 and is also its biggest transaction in Europe this year. It was completed on behalf of GLP’s pan-European logistics fund Europe Income Partners II (GLP EIP II).
This acquisition represents one of the most significant logistics portfolio transactions in Italy and presented an opportunity to access a portfolio of grade-A assets located in the main logistics hubs of Northern Italy. The majority are located in the Milan region, with the rest situated in Verona, Turin and Parma.
The ten buildings all benefit from excellent connectivity being located close to main motorway networks and are all fully let to leading operators in the logistics, GDO, 3PL, food and beverage and transport sectors.
Roberto Piterà, Country Director of GLP Italy, said: “This transaction significantly expands our presence, effectively doubling our Italian portfolio and further improving its quality. I am particularly pleased that GLP was able to acquire these properties among a number of high-quality bids. This acquisition will allow us to better serve our existing customers while adding new companies to our growing customer community. We will continue to look for opportunities to deploy capital in Italy as we build our portfolio across Europe.”
GLP was supported in this acquisition by CBRE, Gattai, PWC, Deloitte and Artelia for the commercial, legal, financial, fiscal and technical aspects respectively.
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