The CER-L-III fund managed by Carlyle Real Estate sgr, has acquired a portfolio of logistics properties in some strategic industrial hubs in Northern Italy. The deal was financed in part by Société Générale.
Assisting Carlyle on the legal side in the transaction was the firm Greenberg Traurig Santa Maria, while the attorneys at Giliberti Triscornia and Associates supported SocGen. Carlyle Real Estate sgr is wholly owned by Carlyle Investment Mangagement LLC, a company part of the U.S. private equity giant The Carlyle Group.
Born2Invest mobile app makes it easy for you to keep informed, to intuitively move from story to story, and from section to section. Our clean design lets you read articles without clutter, and use the app with no limits on how many articles you can view. Download for free our companion app and find the most important business news of the day.
The funds in the CER-L series are underwritten by vehicles of the Carlyle Group itself
Specifically, recall that the first fund in the series, CER-L, underwritten by CER Logistics LP, had been launched in 2017 and managed by the Italian sgr until the end of 2020, when both management and ownership passed to AXA IM Real Assets. In more detail, management was transferred to AXA Real Estate Invesment Managers, while ownership of the units changed hands for €270 million to AXA Logistics Europe Master sca and AXA Core Europe Fund Sicav SIF. In December 2017, Carlyle had bought five logistics assets in northern Italy totaling 210,000 square meters in two separate transactions.
Specifically, one asset had been sold by a European investment fund, while the other four had been sold by Prologis. All of the properties were located in the Northern Italy logistics corridor, with a center near Milan and then extending between Bologna, Venice, and Turin. The acquisition was financed through a combination of equity and debt, the latter granted by Aareal Bank. The acquisitions then continued, and at the time of the transfer to AXA the fund’s portfolio included 13 logistics assets located in northern Italy, specifically the metropolitan area of Milan, Turin, and Padua. The portfolio boasted a total area of 390,000 square meters.
As noted in Carlyle Real Estate sgr’s 2020 Annual Report, the company then established the second fund in the series, CER-L II, whose shares were initially subscribed for €15 million by CERF Logistics II scsp. That fund, also in December 2020 acquired land to be developed for logistics use in the municipalities of Marcallo and Mesero (Milan). In the same area at the end of December 2019, the CER-L fund had developed a logistics platform of about 49 thousand square meters.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
Fintech Company Ezio Raises €400,000 to Accelerate its Growth
The fintech company Ezio, a leader in payment for professionals helping people, has raised €400,000 with Aladom to finance its...
Markets Were Up this Past Week and the US$ Index Continued its Recent Fall
It was a shortened Thanksgiving week so it was no surprise that markets were for the most part lethargic this...
Recent Developments: Is Ethereum Still a Good Choice for Investment?
The value of Ethereum can change within a very short time. So, stronger price fluctuations are to be expected than...
Doctomatic Signs a Former Doctoralia for its Business in Latin America
Santana will be responsible, among other tasks, for Doctomatic's deployment in Latin America, which the company expects to be completed...
Canadians Lost 94.7 Billion in Cannabis Investments
In the years leading up to legalization, Prime Minister Justin Trudeau invariably said the historic turnaround was not about making...
Business1 week ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 46]
Biotech2 weeks ago
Algernon Pharmaceuticals to Commence Clinical Trials on Breakthrough DMT Stroke Treatment
Cannabis2 weeks ago
Illegal Cannabis Market in Canada Gains Significant Ground, Report Shows
Business3 days ago
Holiday Travel Made Easier – The Perfect Shoe for Flying Past TSA