Ontario Teachers’ Pension Plan JV enters Italy
The Cadillac Fairview/Ontario Teachers’ Pension Plan (OTPP) and Boreal IM joint venture has completed its first transaction in Italy, the purchase of a portfolio that includes four fully let and long-lease operational warehouses totaling 198,000 square meters (2.13 million square feet) and two development plots. The assets are primarily located in the Greater Milan region and all within the target market of the north of Italy.
The portfolio was acquired from Blackstone-sponsored closed-end real estate funds managed by Kryalos SGR, and the transaction was carried out in a newly established fund managed on behalf of the joint venture, also by Kryalos SGR. The expansion into Italy follows acquisitions by the joint venture in the United Kingdom, the Netherlands, France and Spain over the past 18 months.
The standing assets include:In Pioltello, east of Milan and near Linate airport, two warehouses of around 57,000 square meters (612,000 square feet) tha