Starwood Capital and Real Estate鈥檚 joint venture has completed the purchase of five assets in Germany from Valad for 鈧�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 鈧�57.6m will be added to the partnership鈥檚 investment book.
The portfolio includes three assets in Dortmund, Herne and Kassel, bought for 鈧�7m, as well as a 鈧�5.8m investment in Dormagen.
In all, the properties add 147,000sqm to the companies鈥� 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 鈥渄efensive asset class鈥�, with sector and credit-risk diversification benefits.
The MStar joint venture has also bought in the Netherlands, buying 10 warehouses from for 鈧�71m.
The partnership has also this year completed the buyout of Tamar鈥檚 listed European Industrial Fund.
The fund owns 36 assets worth 鈧�130m in Belgium, France, Germany, the Netherlands and Sweden.
The venture has a 鈧�500m target for its European investment programme.
In the UK, the two companies have jointly invested in 27 properties with a value of 拢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 鈥檚 Paris office, where he oversaw asset management for the Tamar European Industrial Fund.
