Clarion Partners Europe has acquired a portfolio of eight modern logistics properties for circa €270m from funds managed by Blackstone, on behalf of one of its commingled funds.
The circa 241,400 sq m (circa 2.6m sq ft) portfolio comprises six modern logistics assets in Germany and two similar assets in the Netherlands, which are close to major urban hubs and directly connected to major arterial routes.
Thorben Schaefer, director at Clarion Partners Europe, said: “This was a rare opportunity to acquire a significant Dutch and German portfolio of tenant critical logistics assets, all located within a short distance of major motorway networks and population centres. Alongside strong day one income, the portfolio provides meaningful reversionary potential. Leveraging our proven asset management capabilities to undertake a range of leasing and ESG-led capex initiatives will enable us to capture this upside and future proof the portfolio.”
Rory Buck, managing director of Clarion Partners Europe, added: “Germany and the Netherlands are logistics markets where we see significant opportunity given their favourable supply demand dynamics. Since Q1 last year we have accelerated our investment activity and over the course of 2023 committed to acquire approximately €1bn of assets. With further significant capital to deploy, we are targeting a similar trajectory in 2024.”
Clarion Partners Europe was advised by Goodwin Procter, Drees & Sommer, Deloitte, Loyens & Loeff and CBRE. Eastdil Secured acted as adviser to Blackstone.
