On 7 October 2026, Italian law firm PedersoliGattai, together with EY Tax and technical consultancy Arcadis, advised Kryalos SGR on the acquisition of two strategic logistics properties located in Pioltello (Milan) and Veggiano (Padua) through the Orione Fund, a vehicle subscribed by funds attributable to Blackstone. The transaction highlights the sustained appetite of global institutional capital for Italian logistics real estate, driven by structural demand from e-commerce and supply chain modernization. From a tax perspective, the deal required intricate structuring to address Italian VAT implications on property transfers, stamp duty optimization, and the tax-efficient operation of the alternative investment fund (AIF) vehicle under the Italian AIFMD implementation. The involvement of a Big Four tax practice alongside a premier law firm underscores the multi-disciplinary nature of large-scale cross-border real estate investments, where tax due diligence, fund structuring, and compliance with local property taxes (IMU) are critical to achieving target returns.
Key Takeaways
- Integrated Advisory Model: The collaboration between PedersoliGattai (legal), EY Tax (tax), and Arcadis (technical) exemplifies the holistic approach required for complex real estate M&A, ensuring alignment across legal structuring, tax efficiency, and asset quality verification.
- Fund Vehicle Optimization: The use of the Orione Fund, backed by Blackstone-related investors, demonstrates the preference for regulated Italian AIF structures that offer tax transparency, regulatory compliance, and suitability for institutional capital deployment in real assets.
- Logistics Sector Tax Considerations: Acquisitions of last-mile logistics hubs in Northern Italy trigger specific tax analyses, including VAT recovery on development costs, IMU (municipal property tax) assessments, and potential transfer pricing scrutiny for intercompany financing within the fund structure.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement