Valad Europe has co-invested alongside 'one of its global institutional investor partners' to take full control of a fund that owns 620,000 m2 of multi-let industrial and logistics properties in Central and Eastern Europe.
Valad Europe has co-invested alongside 'one of its global institutional investor partners' to take full control of a fund that owns 620,000 m2 of multi-let industrial and logistics properties in Central and Eastern Europe.
Valad's partner was not named in press statements about the deal but website Economica.net had earlier reported that Swiss-based Partners Group had notified the Polish competition authority in 2015 that it intended to take over the Central European Industrial Fund (CEIF). Partners Group could not immediately be reached for comment.
CEIF owned 22 multi-let industrial and logistics properties in Poland, Hungary, Romania and the Czech Republic.
The fund was a venture between Valad Europe and UK institutional investor Aviva Investors, which managed the fund. Following the transaction Valad Europe will continue as asset manager and take on the investment management of the portfolio from Aviva Investors. The investment volume for the transaction was not disclosed but it was announced that Pbb Deutsche Pfandbriefbank refinanced a €160 mln loan against the portfolio.
Thierry Leleu, head of funds management at Valad Europe, commented: 'The acquisition and extension of CEIF is a great result and comes at a time when there is strong demand for industrial and logistics assets in Central and Eastern Europe. The portfolio comprises several good quality multi-let industrial and logistics properties, primarily located in Poland, the Czech Republic, Hungary and Romania.'
Valad Europe manages €4.7 bn of real estate assets and investment capacity across its 24 funds and mandates in Europe.
