The Ontario Teachers' Pension Plan and Boreal IM joint venture (JV) is pleased to announce its latest strategic acquisition in the French logistics market – a 165,000m2 portfolio of five, fully-let, logistics assets. The transaction marks the JV’s second investment in France, after the acquisition of a standing asset and development plot in Paris in 2023.
The assets are located in Lyon, Nantes, and Lille, core cities in the French logistics "Backbone" and "Atlantic Corridor". These investments align with the JV's strategy of targeting assets in supply-constrained locations with strong occupier demand. The assets consist of five facilities with easy access to major highways. The tenants plan to enhance the ESG credentials of the assets by obtaining Excellent BREEAM certifications and conducting decarbonisation works.
Jenny Hammarlund, Senior Managing Director, Real Estate at Ontario Teachers’ Pension Plan, said: “This portfolio is a strategic acquisition for the JV, significantly growing our AUM in France and further diversifying our geographic presence. We now have the opportunity to work with a strong roster of tenants to implement ESG initiatives as we continue to build our best-in-class portfolio and create value through active asset management.”
Xavier Aubrun, Vice President at Boreal IM, commented: “This acquisition allows us to firmly establish the JV in France through a high-quality portfolio in key markets with strong fundamentals. We are pleased to demonstrate again our ability to execute throughout Europe and our commitment to the French market, a key target for us where we are expecting to grow our platform further. As the market is finding its new equilibrium, 2024 is set to be another busy year for our JV.”
Boreal and Ontario Teachers' Pension Plan were advised by Clifford Chance, NOTER, CBRE, Etyo and PwC.
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