Kryalos SGR Sells Five-Asset Cash-and-Carry Portfolio to NewPrinces Group Affiliate
Kryalos SGR, a private and independent asset management company with €14.2 billion in assets under management, has completed the sale of a five-asset retail cash-and-carry portfolio located across Piedmont and Liguria to a company belonging to the NewPrinces Group. The transaction was executed through the Fiori Chiari closed-end alternative property fund, which Kryalos SGR manages.
Portfolio Overview: Five Assets, 37,000 Square Metres, Full Occupancy
The portfolio comprises retail cash-and-carry properties in Nichelino (Province of Turin), Burolo (Province of Turin), Turin, Novara and Vado Ligure (Province of Savona). Combined, the five assets total approximately 37,000 square metres — averaging roughly 7,400 square metres per property — and are fully leased to GS S.p.A., a company belonging to the NewPrinces Group, at a 100% occupancy rate across all locations.
The assets are consistent with the large-format, warehouse-style retail typology typical of European cash-and-carry operations, which serve professional and business customers through wholesale and B2B channels. Individual asset sizes, street addresses, lease terms and transaction pricing were not disclosed in the official announcement.
Fiori Chiari Fund Executes Planned Divestment Strategy
Kryalos SGR characterized the transaction as a significant step in the process of enhancing and divesting the assets of the Fiori Chiari fund, positioning the sale as part of a planned portfolio rotation rather than a distressed exit. The fund had stabilized the portfolio — achieving full occupancy under a single corporate tenant — before executing the disposal.
Alberto Lupi, Senior Managing Director Fund Management & Advisory at Kryalos SGR, commented: "The completion of this transaction highlights the renewed dynamism of the retail property market and also confirms the interest in specialised segments such as cash & carry. These are assets that play a strategic role within the organised retail sector and which, thanks to their characteristics and the profile of their users, continue to retain their appeal, generating investment opportunities and capital turnover."
Kryalos SGR operates with a team of 130 professionals and is classified by the Bank of Italy as "significant in terms of size" among Italian SGRs. The firm offers transaction management, real estate and credit fund management, development and advisory services.
NewPrinces Group Consolidates Wholesale Real Estate Footprint
The buyer is a company belonging to the NewPrinces Group, the same corporate family as GS S.p.A., the sole tenant across all five properties. The structure indicates the NewPrinces Group is acquiring real estate that is operationally integral to its wholesale distribution network. The single-tenant, fully leased profile of the portfolio — with GS S.p.A. occupying 100% of each asset — represents a defensive income characteristic that has attracted renewed investor attention in the current market environment.
Market Context: Retail Fundamentals Support Specialist Formats
The transaction reflects a broader trend of institutional capital recycling out of stabilized retail assets as retail fundamentals show signs of improvement. Cash-and-carry formats, which serve the B2B and wholesale channel, are viewed as operationally critical facilities for their tenants, supporting longer lease commitments and lower vacancy risk relative to more discretionary retail formats.
Kryalos SGR stated the deal "confirms the market's renewed interest in retail assets characterised by high occupancy rates, leading tenants and stable profitability over time."
Financial terms of the transaction were not disclosed.
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