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Carlyle Real Estate Buys Logistics in Northern Italy: SocGen Finances the Deal

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 Investment Managers, while ownership of the units changed hands for €270 million to AXA Logistics Europe Master sca and AXA Core Europe Fund Sicav SIF.

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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.

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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.

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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.

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(Featured image by Tumisu via Pixabay)

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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.

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Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.

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