Kryalos SGR Launches Orione Fund With 70,000-Square-Meter Last-Mile Logistics Portfolio in Northern Italy

Kryalos SGR has launched the Orione fund, a dedicated last-mile logistics vehicle holding four assets totaling more than 70,000 square meters of gross leasable area across Northern Italy. The fund was established through the takeover of an existing real estate fund and two subsequent property acquisitions, executed as part of broader unit-acquisition transactions by funds affiliated with Blackstone.

Fund Formation and Initial Portfolio

Kryalos SGR, a private and independent asset management firm with €15 billion in assets under management, assumed management of an existing real estate fund dedicated to last-mile logistics investments. Upon taking over management, the fund was renamed Orione and seeded with two assets located in Origgio, in the province of Varese, and Settimo Torinese, in the metropolitan area of Turin. The two properties together account for approximately 41,000 square meters of GLA and are fully leased to high-caliber tenants.

The Origgio asset benefits from proximity to the A9 motorway connecting Milan, Como and Chiasso, as well as the A8 toward Varese, providing direct access to Greater Milan's consumption basin and northern cross-border freight corridors. The Settimo Torinese property sits near the A4 Turin–Milan motorway and the A5/A55 interchange, offering access to the Turin metropolitan area and east-west freight routes toward Milan and France.

Portfolio Expansion Brings Total to Over 70,000 Square Meters

Following the initial seeding, Orione completed the acquisition of two additional properties in Pioltello, in the province of Milan, and Veggiano, in the province of Padua. The two assets together add approximately 32,000 square meters of GLA, bringing the fund's total portfolio to more than 70,000 square meters across four Northern Italy locations.

The Pioltello asset is slated for a significant capital expenditure program aimed at aligning the property with current construction and environmental standards. All four assets are located in strategic logistics areas characterized by proximity to major motorway corridors and accessibility to primary national and international distribution hubs.

Blackstone-Backed Strategy and Market Positioning

The Orione fund represents the latest addition to Kryalos SGR's expanding last-mile logistics platform, which has grown through a series of Blackstone-backed vehicles including the Mercury, Juno and Bay funds. In May 2025, Kryalos acquired a portfolio of last-mile assets in Milan, Rome and Florence totaling approximately 110,000 square meters through the Mercury and Juno funds, bringing Mercury to eight properties and 206,000 square meters. In November 2025, the firm acquired a 13-asset Northern Italy last-mile portfolio of approximately 107,000 square meters through a Blackstone-backed fund. The Bay Fund, managed by Kryalos, held nine last-mile assets totaling 148,000 square meters as of December 2025.

Kryalos SGR is recognized by the Bank of Italy as an SGR "significativa per dimensione" — significant by size — under the Bank of Italy's regulatory framework. The firm employs a team of 130 professionals and offers transaction management, real estate and credit fund management, development management and advisory services.

"We are very satisfied with these transactions, which strengthen Kryalos's positioning in a segment of logistics that is increasingly central to supply chains," said Gianluca Vairani, Senior Managing Director of Transaction Management at Kryalos SGR. "The acquired properties meet the needs of operators, combining strategic locations in Northern Italy, proximity to major motorway axes, good accessibility to distribution hubs and major urban centers, as well as characteristics designed to support operational requirements. The presence of high-caliber tenants and the visibility of rental income flows also contribute to the solidity of the investment."

Vairani added that the Orione fund reaffirms the firm's commitment to proximity logistics, a sector supported by the evolution of distribution models, the rationalization of transport networks and the growing need for businesses to have efficient platforms serving major consumption basins.

Market Context

The Orione launch comes as prime rents, investor yields and take-up in Italian logistics remain at historically strong levels. Last-mile assets near major urban consumption basins in Northern Italy have attracted sustained institutional capital, with locations in Greater Milan, Turin and the Veneto region drawing particular attention from logistics operators and investors.

With Orione, Kryalos SGR adds a dedicated last-mile sleeve to its broader logistics platform, enabling finer segmentation between urban last-mile and big-box assets and alignment with different institutional capital sources.

Sources

Kryalos SGR — Official Press Release, Sept. 17, 2026