Starwood Capital and Real Estateβs joint venture has completed the purchase of five assets in Germany from Valad for β¬44.7m.
The two companies said the 100,000sqm portfolio was spread across Frankfurt, Cologne, Hamburg and Dusseldorf.
A total of nine light industrial warehouse properties worth β¬57.6m will be added to the partnershipβs investment book.
The portfolio includes three assets in Dortmund, Herne and Kassel, bought for β¬7m, as well as a β¬5.8m investment in Dormagen.
In all, the properties add 147,000sqm to the companiesβ portfolio.
M7, which also partners Oaktree Capital, HIG Capital and Investments, will asset manage the portfolio.
Adam Shah, senior vice-president at Starwood Capital Group, said the company viewed light industrial as a βdefensive asset classβ, with sector and credit-risk diversification benefits.
The MStar joint venture has also bought in the Netherlands, buying 10 warehouses from for β¬71m.
The partnership has also this year completed the buyout of Tamarβs listed European Industrial Fund.
The fund owns 36 assets worth β¬130m in Belgium, France, Germany, the Netherlands and Sweden.
The venture has a β¬500m target for its European investment programme.
In the UK, the two companies have jointly invested in 27 properties with a value of Β£70m since launch in June last year.
M7 recently recruited Chris Pope as managing director of a new French office.
Pope was head of portfolio management in βs Paris office, where he oversaw asset management for the Tamar European Industrial Fund.
