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Italy’s Kryalos bets on last-mile logistics with three acquisitions

Kryalos, Blackstone’s long-standing partner in Italy, is betting on last-mile logistics with three separate acquisitions across the country for a total of 140,000 sq m. The deals were concluded for an undisclosed price through its Jupiter fund.

Paolo Bottelli.

“Last-mile logistics continues to benefit from the continued growth of e-commerce, technological innovation and new delivery methods which consumers across the world are demanding,” said Paolo Bottelli, CEO, Kryalos. “Demand is very high for assets that are strategically located next to urban centres, which also generate interesting yields.”

The first acquisition of ten last-mile logistics assets spanning 67,000 sq m is located in an industrial area close to the A35 and A4 motorways near Bergamo, 30km outside Milan. The entire site is let to a single tenant.

The second deal is for the acquisition of eight logistics assets in the North and Centre of Italy, all close to main regional cities. The 60,000 sq m assets are leased to different tenants and have 143 loading bays.

The third portfolio just acquired by Kryalos comprises four 11,000 sq m assets located close to Naples, Turin and Bologna and within easy reach of the motorways. The last-mile logistics assets have 69 loading bays and they are all let to transport and delivery companies.

“Our group was among the first to spot the potential of this asset class and we plan to continue investing to diversify our portfolio and to create value for our investors,” said Bottelli.

With these latest acquisitions Kryalos is not only expanding its portfolio but also increasing its reach to different regions of Italy. Until now the Jupiter fund had 24 assets totalling 180,000 sq m, located mainly in the north and centre of the country.

The Milan-based group has €10.1 billion of assets under management.  

The logistics sector looks set to continue its winning streak in 2022. According to Inrev’s latest survey, logistics will be the most interesting investment to make in Europe this year.