GLP acquires over 200,000 SQ M of grade A logistics real estate in Italy
Acquisition expands GLP’s footprint in Europe to 4.5 million SQ M, with a further 3.4 million SQ M in its development pipeline
23 March 2021 – GLP, a leading investor and developer of logistics warehouses and distribution parks, today announces the acquisition of seven logistics real estate assets in Italy. The 200,000 SQ M portfolio acquisition represents one of the largest logistics transactions in Italy this year and was made on behalf of GLP’s pan-European logistics fund Europe Income Partners II (GLP EIP II).
Daan van den Hoven, Head of Fund Management & Capital Deployment, Europe, said: “This latest acquisition gives us immediate scale in the Italian logistics market and is in line with our commitment to expand our footprint and deepen our presence in all of the 12 markets in which we operate through strategic acquisitions and developments. Since entering the European market in 2017, GLP has more than tripled its assets under management, and we intend to double this again over the next two years.”
Roberto Piterà, Country Director of GLP Italy, said: "GLP’s first acquisition in the Italian market has been a great success and was completed in record time. This is in line with our strategy to acquire and develop well-connected, quality properties located in the main logistics hubs of the country as we grow our offering across both Italy and Europe as a whole.
“The recent growth of ecommerce, driven by the pandemic, has significantly increased the importance of logistics in supply chains for businesses of all shapes and sizes. This was a driving factor in our decision to expand our portfolio using our sector-specialism to further support our customers.”
The assets acquired in Italy are all grade A rated and are located in the two main logistics hubs in the country namely Milan (five assets, occupying approximately 60% of the total SQ FT) and Rome (two assets, 40% of the total SQ FT). The seven buildings all benefit from excellent connectivity being located close to the main motorway network and are occupied by leading operators in the supply chain, transport, cosmetics and hospital equipment sectors, with customers including XPO and Kuehne Nagel. The portfolio was sold by two funds advised/managed by Tristan Capital Partners and BNP Paribas REIM SGR.
In Europe, GLP is one of the longest-standing fully-integrated logistics investors, developers and operators and manages approximately €10 billion (~US$12 billion) of assets under management (AUM) across Europe’s strongest logistics markets. Established in October 2020, GLP EIP II is the company’s fourth Europe-focused investment vehicle and has raised total equity commitments of approximately €1.6 billion (~US$2 billion), enabling the fund to reach €3.2 billion (~US$3.9 billion) of AUM once fully deployed.
GLP was supported in this acquisition by CBRE, Dentons and Arcadis, respectively for the commercial, legal and technical aspects.
Daan van den Hoven
GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies. Our combined investing and operating expertise allows us to create value for our customers and investors. We operate across Brazil, China, Europe, India, Japan, the U.S. and Vietnam and have over US$100 billion in assets under management. Learn more at glp.com/global