CBRE Investment Management 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 62,000m² 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 the 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.
Piet van Poppel, Country Manager, Belgium at CBRE Investment Management, said: “This was a compelling opportunity to acquire a sizeable portfolio of high-quality logistics assets in supply-constrained and high-demand markets. Well located in key logistics hotspots in Benelux and the Nordics, our strategic partnership with MG Real Estate not only offers exposure to three diverse prime logistics markets - Brussels, Malmo, and Frederica - upon completion but also access to MG Real Estate’s pipeline of assets that meet our investment criteria.”
“This strategic partnership gives MG Real Estate the ability to further consolidate the growth in our logistics portfolio and helps us grow as a developer and investor as well. We specifically chose this approach in order to establish and strengthen long-term relationships with tenants, by keeping tenant management in-house,” commented Ignace Tytgat, CEO of MG Real Estate.