The deal follows the acquisition earlier in the year of a 26,130 m² logistics warehouse asset at G.Park Wakefield Europort in the UK, taking the total operating portfolio to 616,500 m² comprising 25 assets across Europe.
IDI Gazeley (Brookfield Logistics Properties), a leading global investor and developer of logistics warehouses and distribution parks announces the acquisition of three class-A logistics warehouse assets in Europe totalling 97,400 m². The deal confirms IDI Gazeley buying out the remaining 90% shareholding in the existing joint venture arrangement with CalEast to take 100% ownership and control of a portfolio comprising of 3 assets in Germany, France and Italy.
The three properties were developed by IDI Gazeley in a joint venture with CalEast previously between 2006 and 2008 and include:A 57,105 m² warehouse located at Magna Park Monticelli, close to Piacenza, a prime logistics hub north of Milan, Italy. A 19,486 m² warehouse situated in Fos, adjacent to the container terminal at the Port of Marseilles, France. A 20,827 m² warehouse located in an established logistics location to the North of Frankfurt, Germany. The portfolio has a strong occupier base with customers including UPS, Whirlpool, Scerni Logistics and VanEupen Logistiks.
Commenting on the deal, IDI Gazeley Chief Acquisitions Officer Nick Cook said “The CalEast portfolio represents an attractive opportunity to expand IDI Gazeley’s operating portfolio with assets that are well known to us and already partly owned by the business. Our inherent knowledge of those assets and their customers gives us significant value-add potential”
Going on to say “This deal further reinforces the strides we are making to expand our platform and breadth of offering to our fast expanding customer base. We look forward to making further announcements in due course as we grow our operations and provide an improved service and range of solutions to our existing customer base”