Curzon Capital Partners II (CCPII), the core plus fund advised by AEW Europe, has agreed to sell a Dutch and German logistics portfolio to Granite Real Estate Investment Trust, a Canadian REIT specialized in industrial properties, for €129 million.
The portfolio consists of seven assets with a total floor area of 229,000 m². Ricoh, the multinational imaging and electronics company, recently signed a new 12-year lease for the largest asset in the portfolio.
Rob Wilkinson, CIO of AEW Europe said: ”This is a key achievement for the fund that will result in a substantial return of capital to investors. This transaction highlights the breadth of AEW Europe’s logistics investment platform, which has been built up over 14 years and encompasses more than €2 billion of logistics investments.”
Nick Judge at AEW Europe says “We identified in early 2013 that investor demand was increasing for European logistics and this allowed us to undertake off-market discussions with a select number of specialist investors. We are glad to match up this cross border portfolio with Granite’s already substantial North American and European operations.”
CCPII was represented by Freshfields Bruckhaus Deringer, PWC, Alpha Industrial and DT Real Estate. Granite REIT was represented by Gleiss Lutz, Stibbe and Allen & Overy.
Source: Bellier Financial