CBRE Investment Management, on behalf of a fund it sponsors, has acquired a portfolio of three logistics assets in a joint venture agreement with the developer and seller, MG Real Estate. The three assets are in different phases of construction and are located in Belgium, Sweden and Denmark.
The portfolio will offer a total of circa 62,000 square metres of newly built, grade A high-quality warehouse space, all of which will be completed in line with CBRE Investment Management’s Sustainability Vision and ESG targets. The portfolio is let to a strong range of covenants.
As a part of the joint venture agreement, CBRE Investment Management will have right of first refusal on the future predefined development pipeline of MG Real Estate, which currently comprises six identified projects in Belgium, Sweden and Denmark. MG Real Estate will be instructed on the property management of the portfolio.
The fundamentals of European logistics remain very strong, with structural undersupply leading to increasing rents and yield compression, and CBRE Investment Management continues to see significant opportunities to acquire institutional quality real estate in liquid markets in line with the firm’s strategy.
Source: cbreim.com on the 26th of January