Clarion Partners Europe has entered into a contract to acquire a portfolio of eight modern logistics properties across Germany and the Netherlands, totalling c. 241,400m2, for c. €270m, on behalf of one of its commingled funds. The portfolio was acquired from funds managed by Blackstone. Since March 2023,
The portfolio includes six logistics assets in Germany and two in the Netherlands. They are located near major urban hubs and arterial routes and range in size from 13,900m2 to 57,500m2. All properties are fully let to logistics and transport service providers, and some have achieved DGNB Gold or BREEAM Very Good certification.
Thorben Schaefer, Director at Clarion Partners Europe, commented: “This was a rare opportunity to acquire a significant Dutch and German portfolio of tenant critical logistics assets, all located within a short distance of major motorway networks and population centres. Alongside strong day one income, the portfolio provides meaningful reversionary potential. Leveraging our proven asset management capabilities to undertake a range of leasing and ESG-led capex initiatives will enable us to capture this upside and future proof the portfolio.”
Rory Buck, Managing Director, Clarion Partners Europe, added: “Germany and the Netherlands are logistics markets where we see significant opportunity given their favourable supply-demand dynamics. Since Q1 last year we have accelerated our investment activity and for 2023 committed to acquire approximately €1b of assets. With further significant capital to deploy, we are targeting a similar trajectory in 2024.”
Clarion Partners Europe was advised by Goodwin Procter, Drees & Sommer, Deloitte, Loyens & Loeff and CBRE. Eastdil Secured acted as adviser to Blackstone.
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