Milan, 15 2023 – GLP today announced that it has closed the off-market acquisition of a 16,000 SQM logistics asset located in Caronno Pertusella (VA).
The asset, which is rented to a local third-party logistics company, is located within the North Inner Milan market, which is one of the best Milan sub-markets in terms of demand-supply fundamentals, with a vacancy rate below 2%. Due to its urban position, the site benefits from multiple avenues of demand, including both standard logistics and last-mile usage. The property is also well connected to the A1 and A4 highways, which provide road access to Italy across the North, South, East and West.
GLP will reposition this asset as a Grade A building which follows GLP’s high sustainability standards.
Marco Belli, Country Director of GLP Italy, commented: “We are proud to announce this off-market acquisition. The location is one of the best locations within the Milan inner market, which is the most consolidated logistics market in Italy, and this acquisition further expands our presence in the area. With this latest acquisition, GLP will manage a portfolio of approximately 630,000 SQM in Italy across 25 properties – 60% of which is located in the Milan area. We are also continuing our development programme, with six further assets scheduled to complete within the next 15 months, which will add about 300,000 SQM to our portfolio.”
GLP was supported in this acquisition by CBRE , acting as commercial advisor, Gattai Minoli & Partners as legal and tax advisor, Arcadis as technical advisor, and Ramboll as environmental advisor.
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