LONDON—Private equity giant KKR, which launched a dedicated real estate platform in 2011, has made its first investment in Italy. Partnering with COIMA and Hines Italia Value Added Fund, a fund managed by Hines Italia SGR, KKR has bought five telecom assets leased to Telecom Italia. The assets were acquired from Tecla Fondo Uffici, a closed ended fund managed by Prelios SPR, for €49 million, or US $53.6 million.
The portfolio has a total area of 35,500 square meters, or about 382,000 square feet. It consists of five separate sites, in Rome, Monza, Parma, San Remo and Pavia.
“The assets' long-term leases and their strategic nature make this an attractive acquisition,” says Guillaume Cassou, head of European real estate at KKR. “Collaborating with Hines on the acquisition is further testament to our firms' extensive relationship in both the US and Europe.”
KKR and Hines Italia SGR were advised by Gianni, Origoni, Grippo, Cappelli & Partners and Apollo & Associati on the legal front. CBRE provided due diligence support on the investment.
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