The joint venture that Boreal IM signed with Cadillac Fairview/Ontario Teachers’ Pension Plan (OTPP) acquired four real estate assets and two developable lands from Blackstone through a fund that Kryalos is managing (see here a previous post by BeBeez). The assets are in MIlan area and the transaction value amounts to 160 million euros. Boreal and Kryalos retained Linklaters, JLL and PwC. The vendors hired CBRE, DILS, Gattai, BNP Real Estate Property Management, Di Tanno Associati, and 5Lex. The buyers purchased a 57000 sqms building that DSV is leasing; a 55000 sqms wharehouse for flamable products with LEED Gold certification for which L’Oreal signed a lease agreement; a 29000 sqms that Italian food company Walcor is renting; a 58000 sqms building for which Whirpool signed a rental agreement; a 55000 sqms developable land where it will be possible to build a wharehouse with a BREEAM Excellent certification; a 44000 sqms developable land that Amazon is partially renting. Nikos Koulouras is a partner of Boreal IM. Jenny Hammarlund is the Executive Vice President, Investments of Cadillac Fairview while John Sullivan is the chairman and ceo of Cadillac Fairview. Salvatore Iacono will repalce Sullivan in November. Paolo Bottelli is the founder and ceo of Kryalos.
Invesco Real Estate Management acquired a real estate site in Como Lake area from Artsana, an Italian producer of infant products that belongs to Investindustrial (60%) and the Catelli Famili (40%) (see here a previous post by BeBeez). Invesco signed a lease-back agreement with Artsana. The buyers retained Vitale & co. as advisors. Artsana has sales of 1.9 billion euros, an ebitda of 211 million, net losses of 21.4 million, a net financial debt of 917.2 million, and equity of 470.9 million. See here Artsana financials for 2022, available for the subscribers to BeBeez News Premium and BeBeez Private Data.
Central Sicaf, a real estate firm that belongs to Covivio, a Paris-listed investor that belongs to the Del Vecchio Family, sold to an undisclosed Italian investor a building in Forte dei Marmi, Tuscany, for 7.3 million euros (see here a previous post by BeBeez). Marco Bignami is the ceo of Central Sicaf which retained Intrum Italy Re Sales. The buidling generates and annual rental yield of 2%. Enrico Risso is the general manager of Intrum Italy.
Value Partners Group Limited, a Hong Kong asset manager, said it signed a joint venture with Cromwell Property Group (see here a previous post by BeBeez). Value Partners will be an even shareholder of Cromwell Italy Urban Logistic Fund, the owner of Italian logistic assets for a total of 46000 sqms. Gianni & Origoni, Network PwC and PwC Business Services assisted Value Partners while Cromwell retained Linklaters. Ashurst advised the lenders. Lorenzo Caroleo is the Head of Italy for Cromwell.
