Blackstone-backed firm sells Italian logistics portfolio for €260m

GLP has closed on the acquisition of a logistics portfolio, totaling 10 assets, in Northern Italy for approximately €260 million ($302 million) from Kryalos, which is backed by Blackstone, reported local media outlet. This transaction, carried out by the Augustus Alternative Real Estate Fund, is the largest completed by GLP in Europe this year.

The portfolio totals 230,000 square meters (2.5 million square feet), spanning across Milan, Verona, Turin and Parma. The properties all benefit from excellent connections, being located close to the main motorway networks, and all are fully rented.