King Street Capital Management and Bowery have expanded their portfolio of last-mile urban logistics assets through Voyage, their joint venture. The recently launched platform, which focuses on liquid markets in France, Germany and the Netherlands, includes 10 assets totaling 1.3 million ft² across five markets.
Paul Brennan, Managing Director, Co-Head of Real Estate at King Street, said: "We are pleased to partner with Bowery and launch this pan-European last-mile platform to address the supply-demand imbalance in the sector and expand in core European markets. Following the market dislocation last year, we are looking to capitalize on the price correction in the space, despite strong secular tailwinds and embedded downside protection in aggregating last mile assets."
As part of the platform, King Street's European Real Estate team is working closely with Bowery, founded by Jean-Marie Caillon, who, as a former Logicor Managing Director for acquisitions in Europe, leads a team of seasoned logistics real estate professionals in charge of sourcing, acquiring and managing the assets on behalf of Voyage.
"Beyond e-commerce's continued growth calling for efficient logistics solutions, we've seen supply chains respond to international challenges by onshoring operations and near-term inventories, further putting a strain on the available stock of logistics assets," added Caillon. "As this market dynamic continues, we believe there is ample opportunity to support the European logistics sector leveraging Bowery's deep operating experience combined with King Street's underwriting expertise and execution capacity."