LeadCrest Capital Partners buys Leroy Merlin warehouses in Italy

European fund LeadCrest Capital Partners has expanded its presence in Italy by completing a €125 mln sale-leaseback deal with DIY company Leroy Merlin.

Logistics

This transaction, following two previous successes with ADEO Group (Leroy Merlin's parent company), involves acquiring 11 retail warehouse assets. Nine existing warehouses were acquired in June 2025, with two new build-to-suit assets expected by the end of the year. The investment was made through an Italian real estate fund managed by Polis SGR.
This deal strengthens LeadCrest's portfolio of long-term income-generating properties and highlights Italy and the home improvement sector as key strategic areas for the company. The acquired warehouses, primarily located in northern Italy, are considered critical to Leroy Merlin's operations, and the company will continue to operate its business as usual.
The portfolio boasts a strong ESG component, with most assets featuring solar panels and EV charging stations, demonstrating a commitment to sustainability. 
Leroy Merlin, which entered the Italian market in 1993, operates over 50 stores, offering a wide range of home improvement products.
Georges Asmar, portfolio manager at LeadCrest Capital Partners, said: “LeadCrest takes pride in fortifying its Italian portfolio now anchored by strong tenants such as Leroy Merlin, Italy’s leading DIY retailer. This partnership underscores the durability of our assets, our shared focus on long-term value creation, and our commitment to ESG principles in managing responsible investments. Italy and the home improvement sector remain central to LeadCrest’s strategy as we continue to expand our presence and pursue selective growth opportunities across Europe.”
Michele Stella, CEO at Polis Fondi SGR, added: “We are proud to strengthen our relationship with LeadCrest and support a leading operator like Leroy Merlin through this landmark transaction. As Polis SGR continues to grow internationally, sale-leaseback investments represent a key pillar of our strategy to deliver stable returns and long-term alignment with institutional partners.”
LeadCrest Capital Partners was advised by  Curtis, Mallet-Prevost, Colt & Mosle, PedersoliGattai, KPMG, Arcadis, and JLL. BNP Paribas – Italian Branch provided the bank financing, with Gianni & Origoni advising on legal matters. Leroy Merlin's legal counsel was Bird & Bird.
LeadCrest invests throughout Europe in all asset classes – from traditional commercial real estate to highly specific operational properties – with a particular focus on the consumer goods, industrials, healthcare, and education sectors.