Crossbay and Kryalos make first acquisition in new Italian fund

Bay Fund, a new specialist last-mile logistics fund underwritten by Crossbay, made its first acquisition, purchasing a 9,000 square-meter (97,000-square-foot) asset in Pieve Emanuele near Milan.

It is the second fund to be established by Kryalos SGR and Crossbay, following the establishment of the Hour fund in 2019.

Kryalos SGR and Crossbay, the pan-European urban logistics platform incubated by MARK, have completed the acquisition of a logistics property near Milan.

Crossbay’s first transaction in Italy for its second portfolio — following the €1.6 billion ($1.7 billion) sale of its first to Prologis in 2022 — was completed through the Bay Fund, a closed-ended fund managed by €12.1 billion ($13.0 billion) asset manager Kryalos SGR and one of the most active players in the Italian real estate market, on behalf of Crossbay. Acquired from an international food company, the vacant asset comprises a 9,000-square-meter (97,000-square-foot) warehouse with