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 鈧�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 鈥済ood commercial sense for both clients鈥� given the 鈥渨eight of capital in the market seeking exposure鈥� 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 鈥減referred鈥� sector of GIP.
鈥淔inding the right assets and operating partner is key in our search,鈥� Plummer said. 鈥淥ne 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.
鈥淲e believe the portfolio will deliver an attractive income return for our investors, while our operating partner can also successfully grow net operating income.鈥�
CBRE GIP is also co-investing in Chinese logistics with Ivanho茅 Cambridge, the property subsidiary of Canada鈥檚 Caisse de d茅p么t et placement du Qu茅bec. to Logos Property Group鈥檚 China Logistics Club, which is focusing on large Chinese cities including Shanghai.
