Real Estate platform expands in Italy

Two logistics assets, located in Origgio (Milan) and Settimo Torinese (Turin), have a total lettable area of 41,400 sqm.

Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has acquired two off-market logistics assets located in Origgio (Milan) and Settimo Torinese (Turin), with a total surface area of c. 41,400 square metres.

These deals are part of the joint venture’s last mile and infill aggregation strategy across Europe focussing on best in class locations with strong occupier demand.

Daniele Calogiuri, Country Manager for Italy at Mirastar, said: “These buildings are located in two of the most important Italian logistic markets, Milan and Turin, and are fully let to strong covenants with high reversionary potential. Mirastar is also currently active in some important development projects as part of executing its ambitious investment and development program across Italy.”

Diederik Schol, Principal in EMEA Real Estate at KKR, said: “We are glad to add these good quality, well-located Italian assets to our European logistics portfolio at attractive pricing, and aim to continue expanding our portfolio across Italy.”

The two acquisitions have been executed by the Italian Real Estate Fund STAR PAS ITA, managed by Namira SGRpa.

Mirastar was advised by Osborne Clarke, Savills and Nova Ambiente, in legal, technical and environmental aspects, respectively. Additionally, in the Origgio transaction C&W was commercial advisor, while in Settimo Torinese, Gabetti acted as broker and JLL as commercial advisor.