Curzon Capital Partners 5 Long-Life (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has grown its logistics allocation to more than €700m. Its latest acquisition is a c. 150,000 sqm GLA portfolio of five assets located mainly in Emilia Romagna, Northern Italy from Coop Adriatica and Coop Alleanza 3.0.
Sale and leasebacks have been agreed for four of the properties; the final asset located in the heart of Bologna Interporto is let to third parties.
Kervis Asset Management S.p.A., a real estate consulting firm and established asset manager in Italy will act as the operating partner for CCP 5 LL.
Coop Alleanza 3.0 is the largest Italian consumers’ cooperative by number of stores (over 400), members (over 2.3 million) and turnover (€4.4 billion in 2020). The properties represent the backbone of Coop Alleanza 3.0’s food distribution network by acting as the delivery and sorting point for grocery goods from suppliers, which serve almost 300 grocery stores/points of sale daily. The portfolio GLA breaks down into c. 25% of dry storage and 75% of cold storage.
Thibault Ancely, Managing Director at Tristan Capital Partners, said: “This transaction with a c. 15-year WAULT is complementary to our Italian logistics strategy, notably in terms of tenant diversification in the grocery sector. We have grown our logistics allocation to more than €700m and will continue to grow our portfolio of well-located logistics assets and are assessing a number of opportunities in the market.”
Giulio Bentivoglio, Partner at Kervis, added: “This acquisition alongside the Tristan fund is testament to the quality of the relationships with the team and we look forward to capitalising on the partnership we are building together with such a renowned operator as Coop Alleanza 3.0.”
Since its inception, Tristan has completed more than €3.3bn deals in the logistics space including €230m of activity in Italy. Over the last 12 months, the company has executed c.€500m of logistics deals across core-plus and opportunistic strategies.
Tristan Capital Partners is an employee-controlled investment management boutique specialising in real estate investment strategies across the UK and continental Europe. Tristan’s pan-European real estate funds include core-plus and value-added/opportunistic strategies with total assets under management of over €13 billion. Tristan is the portfolio manager for core plus funds Curzon Capital Partners III, Curzon Capital Partners IV, Curzon Capital Partners 5 Long-Life, for the private equity funds European Property Investors Special Opportunities, European Property Investors Special Opportunities 3, European Property Investors Special Opportunities 4, European Property Investors Special Opportunities 5, and the private debt fund Tristan Income Plus Strategy One. Tristan is headquartered in London and has offices in Luxembourg, Milan, Paris, Frankfurt, Madrid and Warsaw.
Source : Company