The Carlyle Group has extended its European logistics platform through the acquisition of five assets, in Northern Italy.
The private equity group said the investment is being made on behalf of investment funds that it advises, but didn鈥檛 disclose the transaction price.
Carlyle said it bought one asset from a European investment fund and the remaining four from the global logistics specialist said Prologis.
All of the assets are located within the Northern Italian logistics corridor.
The entry into the Italian logistics market follows Carlyle鈥檚 acquisition of 413,000sqm of French logistics assets earlier this year.
In aggregate the portfolio is currently more than 90% occupied, Carlyle said.
Carlyle said it has identified a number of value-enhancing asset management opportunities, including lease-up of the vacant space, refurbishments, lease re-gears and potential new development.
Anssi Halonen, a director at Carlyle Europe Real Estate, said: 鈥淭hese acquisitions, which mark our entry into the Northern Italian logistics market, further Carlyle鈥檚 strategy of building a portfolio of well-located modern logistics assets within this area.鈥�
Marc-Antoine Bouyer, the managing director at Carlyle Europe Real Estate, said: 鈥淭hese investments are the continuation of our Pan-European logistics investment strategy that we have successfully initiated earlier this year.鈥�
鈥淲e continue to pursue a number of strategies in the UK and European real estate markets that focus on sectors that are driven by demographic trends as well as structural changes to how consumers and businesses behave and how real estate is owned and used.鈥�
Logistics Capital Partners will be providing leasing, property and technical management for the assets.
The acquisition has been financed through a combination of equity and debt, with Aareal Bank providing a financing facility.
