CBRE Global Investment Partners (GIP), CBRE鈥檚 multi-manager, has bought a portfolio of logistics assets in France for 鈧�240m.
The investment manager鈥檚 fund-of-funds platform bought the Nautilus portfolio in a joint venture with Arax Properties, which will manage the properties.
The 439,835sqm portfolio, sold by an Apollo-managed fund, includes 12 distribution centres between Lille and Marseille.
Asset sizes range between 20,000sqm and 70,000sqm, and the portfolio is 98% let to five tenants.
Jeremy Plummer, chief executive at CBRE Global Investment Partners, said: 鈥淭he weight of capital in the European real estate market chasing logistics assets will drive further yield compression, making this a particularly attractive sector to invest in.
鈥淭he Nautilus portfolio has strong property fundamentals 鈥� high occupancy rates, a lack of supply where these assets are located and knowing that one of our major tenants considers these sites as part of their long-term business plan. We expect the portfolio to deliver a strong income return for our investors.鈥�
Global Investment Partners its purchase of a European logistics portfolio from TH Real Estate clients.
鈥� in France, Germany, the Netherlands and Spain 鈥� for 鈧�350m in June.
The 600,000sqm portfolio includes the Villabb茅 scheme in France, let to French retailer Auchan, as well as assets let to DHL and Procter & Gamble.
