Boreal IM & Cadillac Fairview joint venture buys Italian logistics portfolio

• The assets are primarily located in the Greater Milan region
• Cadillac Fairview partnered with Boreal IM in 2022
• Boreal is a pan-European investment management firm headquartered in London

Boreal IM and Cadillac Fairview joint venture, via a fund managed by Kryalos SGR, has acquired four assets and two development plots in the north of Italy.

The assets are primarily located in the Greater Milan region and all within the target market of the north of Italy.

The portfolio was acquired from Blackstone-sponsored closed-end real estate funds managed by Kryalos SGR.

The expansion into Italy follows acquisitions by the joint venture in the UK, the Netherlands, France and Spain over the past 18 months.

“We are extremely happy to have completed our first acquisition in Italy, especially as the portfolio is very well located, fully let and offers development potential to capture growing demand for logistics space,” said Nikos Koulouras, partner at Boreal IM. “This portfolio gives us immediate scale in Italy and demonstrates our commitment to finding and creating value through market insight and proactive asset management.”

Cadillac Fairview, Boreal and Kryalos will implement sustainable practices and ESG initiatives across the portfolio on behalf of the joint venture, according to a release.

Boreal will also implement energy performance improvements such as LED lighting and pursue BREEAM in-use certification, the release said.

Cadillac Fairview partnered with Boreal IM in 2022 to assemble a €3 billion pan-European logistics portfolio and has transacted nearly €1 billion of deals, with assets in the UK, the Netherlands, France, Spain and now Italy.

Boreal is a pan-European investment management firm headquartered in London.

CF is an owner, operator, investor, and developer of real estate across office, residential, logistics, life sciences and mixed-use asset classes. It is based in Toronto, Ontario.

Kryalos SGR offers transaction management, fund and credit management, development and advisory services. It manages €12 billion of assets and is based in Milan, Italy.

Cadillac Fairview, Boreal and Kryalos were advised by Linklaters, JLL and PwC.