Global Investment Partners (GIP) has bought a portfolio of European logistics assets from .
The portfolio of seven assets in France, the Netherlands, Spain and Germany was sold by and TIAA-CREF for β¬346m.
The 55,700 sqm portfolio was previously owned by the Warburg-Henderson Pan-Europa Fonds 1 and 3 and TIAA-CREF.
Although the latter has been looking to increase its investment in European real estate, TH Real Estate managing director for Europe, Mike Sales, said the disposal made βgood commercial sense for both clientsβ given the βweight of capital in the market seeking exposureβ to the sector.
GIP, the indirect arm of CBRE Global Investors, said it will use TH Real Estate to manage the portfolio.
Jeremy Plummer, head of the real estate multi-manager, said logistics is a βpreferredβ sector of GIP.
βFinding the right assets and operating partner is key in our search,β Plummer said. βOne of the key attractions of this pan European logistics portfolio was the pre-specification of assets enabling us to underwrite not only our operating partner but also the underlying real estate.
βWe believe the portfolio will deliver an attractive income return for our investors, while our operating partner can also successfully grow net operating income.β
CBRE GIP is also co-investing in Chinese logistics with IvanhoΓ© Cambridge, the property subsidiary of Canadaβs Caisse de dΓ©pΓ΄t et placement du QuΓ©bec. to Logos Property Groupβs China Logistics Club, which is focusing on large Chinese cities including Shanghai.
