Milan, 24 April 2024
Kryalos SGR, a private and independent asset management company with €12.5 billion of AuM and one of the “significant asset management companies” according to the definition contained in the Bank of Italy’s Regulations, and Crossbay, the pan-European urban logistics platform incubated by MARK, have acquired a further three assets in Italy.
The Bay Fund – an alternative investment real estate fund specialized in Italian last-mile logistics managed by Kryalos SGR and fully underwritten by Crossbay – completed a previous investment in Pieve Emanuele (Milan) in September 2023. It now manages over 30,000 sqm of last-mile logistics space in Milan and Rome. It is the second fund from Kryalos SGR and Crossbay, after their Hour Fund assembled a 31 assets portfolio totaling 265,000sqm between 2019 and 2022.
On the outskirts of Milan, Kryalos SGR and Crossbay have acquired two assets totalling 20,600 sqm. The first is a 13,200 sqm warehouse located in Via Fantoli, just 4 km from Linate Airport and 3 minutes from the entrance to the A1 Milan-Naples motorway, offering access to 4.4 million people within a 30-minute drive.
The second asset, a 7,400 sqm warehouse, has 64 loading bays and is located in San Giuliano Milanese. It is less than 1 km from the entrance to the A1 Milan-Naples motorway and 10 km from Linate Airport, with a catchment area of 3.8 million people within a 30-minute drive.
Kryalos SGR and Crossbay will refurbish both assets – currently vacant – and implement a range of ESG-focused asset management initiatives to improve the energy efficency.
In Rome, the Bay Fund has acquired a 5,400 sqm warehouse leased to a leading international freight company. Located within the Grande Raccordo Anulare in the Torre Spaccata district, the asset is just 2 km from the ring road and 4 km from the entrance to the A1 motorway (Roma Sud barrier). This strategic location offers convenient access to the city center and major metropolitan thoroughfares, including Via Casilina and Via Tuscolana, making it possible to reach 3.5 million people within a 30-minute drive.
“The three acquisitions,” said Paolo Bottelli, CEO of Kryalos SGR, “allow us to complete the second round of investments of the fund, which is operating effectively on last-mile logistics assets near Milan and Rome through regeneration interventions that, focusing on the highest standards of energy efficiency and sustainability, allow them to qualify them at the top of the market.”
“We have been a key force in the Italian last-mile logistics market since 2019 and we will continue to grow our footprint there,” said Marco Riva, CEO of Crossbay and Head of Logistics at MARK. “Underlying fundamentals including a growing e-commerce market and an undersupply of well-located assets with strong ESG credentials make Italy an attractive market for us and we look forward to developing our existing relationship with Kryalos there.”