Industry News

Crossbay, the last-mile logistics specialist incubated by pan-European private equity real estate investment manager MARK, has acquired a warehouse in Paris from Ivanhoé Cambridge for an undisclosed sum. The 16,200 square metre warehouse is located north of Paris in the industrial area of Goussainville, a prime logistics hub in the vicinity of Paris Charles de Gaulles airport and well-connected to Paris. The asset has been acquired vacant and will be marketed to last-mile logistics users. Crossbay will fully refurbish the...

Union Investment has sold the 636 Sixth Avenue retail property in the Flatiron District of Manhattan, New York, to a strategic investor at a profit. The buyer intends to redesign the entire building including the offices on the upper floors and repurpose the space. The financial details of the transaction were not disclosed. Union Investment acquired the retail property, which offers total rental space of some 1,700 m2, in 2016 as part of a closed joint venture deal with Nuveen...

Valor Real Estate Partners has completed the acquisition of a 26,000 m2 Grade-A logistics asset in Dugny, within the Grand Paris regeneration zone, from an institutional English investor. Financial details were not disclosed, however the asset is said to be valued at over €40 mln. The property, which was refurbished in 2021 to modern design and sustainability standards, offers 11m clear height and 41 loading docks (1/600 SM ratio), with a 38m vehicle yard. It is fully let to two...

Italian asset manager DeA Capital Real Estate SGR has joined forces with London-based Palm Capital to launch a new closed-end investment fund focusing on logistics real estate. The new vehicle, called Palm Partners Italy I, is said to be looking to reach a volume of €200 mln, according to well-informed market sources. It will focus on existing assets as well as new developments in Italy. The fund has carried out the first acquisition with the purchase of a site near...

European real estate fund GreyKite and Central European developer White Star Real Estate have set up a new €300 mln joint venture focused on logistics real estate. To kick off this venture, GreyKite has acquired a logistics portfolio in Poland, consisting of three properties strategically located in Warsaw, Strykow, and Gliwice. White Star, who previously developed the properties, will continue to play a key role as both asset and property manager. The 142,000 m2 portfolio boasts an occupancy rate of...

Evonite, the London-based and independently owned European value-add real estate partnership, has revealed its two additional founding partners are José Pellicer and Chris Warren. José Pellicer, who joins as Partner, Strategy and Chris Warren who joins as Partner, Finance and Operations will team up with Paul Hampton, CEO, Charles-Nicolas Tarrière, Partner, Portfolio Management and Kevin Muscat, Partner, Investments. The five founding partners previously worked together at Rockspring, and subsequently PATRIZIA, for over 10 years on the market renowned TEP value-add...

Bridges Fund Management has partnered with Irish real estate developer Dunquin Capital to develop a sustainable logistics park in Ireland. This project will be one of the first new multi-let industrial developments in Ireland in two decades. Located within the Stadium Business Park in northwest Dublin, just 12 kilometres from the city centre, the 3-hectare site is close to the M50 motorway via Junction 6, making it an ideal location for distribution businesses. The planned development includes five modern logistics...

CBRE IM and global commercial real estate developer Trammell Crow Company (TCC) have partnered to purchase a 38,500 m2 logistics property near Berlin, Germany. The seller was Real Core Holding, a Frankurt-based joint venture between May & Co. and Pflugfelder for the development of industrial and logistics properties. RCH acquired the property in 2017, developed the development plan, and obtained a building permit in 2021. The construction of the project is expected to start this year. In their first collaboration...

European privately-owned real estate, credit and private equity manager, Colony IM, has promoted Mauritia Foujols to Managing Director, Investments and Strategic asset management. Based in Paris and reporting to Chairman and CEO Nadra Moussalem, Foujols will be responsible for leading the ongoing development and implementation of Colony IM’s strategy across the firm’s portfolio. A finance and special situations specialist, Mauritia Foujols has been key to the growth and strategic direction of Colony IM’s since she joined in 2021 and her...