GS acquires five retail assets from Kryalos: 37.000 sq m of surface area
GS acquires five retail assets from Kryalos: 37.000 sq m of surface area
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Kryalos completed yesterday, 29 July, the sale of a property portfolio consisting of five retail assets cash & carry, almost certainly to GS or, in any case, NewPrinces.
GS is the sole tenant of the assets across Piedmont and Liguria
The properties are located in Piedmont and Liguria and the portfolio comprises properties located in Nichelino (TO), Burolo (TO), Turin, Novara and Vado Ligure (Savona), covering a total area of 37.000 sq m.
The assets are fully let to GS (part of the New Princes group), and have an occupancy rate of 100 per cent.
GS is evidently the buyer, although there is currently no official confirmation and Kryalos has not said much more.
The sale was carried out by the reserved alternative real estate investment fund Fiori Chiari, managed by Kryalos itself.
“The transaction represents an important step in the process of enhancing and disposing of the Fiori Chiari Fund’s assets and confirms the renewed market interest in retail assets characterised by high occupancy, major occupiers and stable profitability over time,” it says.
Retail remains at the centre of real estate transactions
Alberto Lupi confirms, senior managing director fund management & advisory at Kryalos Sgr: “The completion of this transaction highlights the renewed dynamism of the retail sales and purchases market and demonstrates interest in specialised segments such as cash & carry. These are assets that perform a strategic function within organised distribution and which, thanks to their characteristics and the profile of their occupiers, continue to retain their own appeal, generating investment and capital rotation opportunities.”
We recall that in two days, on 1 August, GS and Princes Retail will be incorporated into Princes Property, which will consequently adopt the single new name of GS Spa, owner of the Carrefour network in Italy.
Kryalos Sgr currently has 14,2 billion worth of property under management and a team of 130 professionals.
Other articles:
Carrefour, a sluggish half-year
Italian commercial real estate reaches 7 billion
This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.
