29 December, Milano Finanza
Kryalos has just closed the year with purchases for 114 million euro, confirming the attractivity of the Italian real estate (with total investments for 10 billion euro in 2017, registering a new record). Yesterday, the asset management company guided by Paolo Bottelli finalized another acquisition for office and logistics assets on behalf of the funds Camelot and Richmond. The first concerns two logistical properties both located in Lombardy, in the southern part of Milan, with a total surface of about 100 thousand Sq m. The total value of the two assets is 66 million euro. The second, according to rumours, has been subscribed by Blackstone, with whom Kryalos has already collaborated in the past. The operation is part of a bigger plan for logistical investments by the fund Camelot, that on 19th December acquired also other four assets based in Bologna and Parma. Thanks to this last acquisition, the total logistical assets managed by Kryalos amount to 1.7 million Sq m (one of the biggest quotas in Italy), all located in northern and central Italy.
Whereas Kryalos sgr has concluded on behalf of the fund Richmond the purchase of two office buildings in the centre of Milan for a total price of 48 million euro and a surface of 11 thousand Sq m. Both buildings are fully let with long-term lease contracts. The investment represents the debut of the fund Richmond, that will invest in core and core plus properties, of the highest quality, in the city centres of the main Italian cities. “Through the fund Camelot, we’ve completed investments in logistics for 500 thousand Sq m over 2017”, confirms Bottelli, Ceo of Kryalos sgr, “consolidating in this way our leadership in an increasingly strategic segment. Moreover, consistently with the business plan we’ve presented, the Richmond operations confirm the choice of investing in assets in the centre of Milan and on the main Italian cities with a medium- and long-term perspective”.
The yesterday’s operations bring to 200 million euro the investments finalized by Kryalos in December. On 15th December, the company acquired on behalf of the fund All Star two properties in Milan and in Rome from Banco Bpm, while through the fund European Core Property Italy it bought a retail park in Veneto and four other logistics assets with the fund Camelot. Thanks to the operations carried out throughout 2017, the assets managed by Kryalos, operating in the fund management, asset management and advisory sectors, have increased by 1 billion euro, with managed assets valued around 4 billion euro including offices, hotels, commercial properties and logistics. Besides Camelot and Richmond, Kryalos manages 21 property funds for a value of assets under management of 2.8 billion.
Source: Milano Finanza
Translator: Cristina Ambrosi