Barings has agreed to the sale of a 188,000m² portfolio of pan-European logistics assets to Swiss Life Asset Managers. The disposal follows the successful execution of Barings’ business plan for the portfolio as part of its core investment strategy.The portfolio comprises ten assets strategically located in key logistics markets across Germany, France, Italy and Spain, and is fully let to a diverse range of occupiers with a WALT of 8.6 years. Six of the ten assets in the portfolio are dedicated cold storage units. The purchase price was not disclosed.
Nick Pink, Head of Europe Real Estate Portfolio Management at Barings, said: “Having built and benefitted from a significant overweight to the sector for this mandate in recent years we are now refining our logistics strategy and making selected sales that reflect our view of the sector’s rapid evolution as we emerge from the global pandemic. We expect to redeploy proceeds in the sector with a focus on build-to-core and urban logistics in top-tier markets.”
Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe and Managing Director Germany at Barings, said: “This transaction represents our first pan-European logistics portfolio sale following our strategic growth in this sector in recent years. We were one of the first investors to target cold-storage space when pricing was at a discount several years ago and these assets have experienced unprecedented growth in the intervening hold periods. This has allowed us to bring to market a cohesive, fully let portfolio for investors looking to gain exposure to this popular subsector. We continue to see compelling logistics opportunities in our key markets of the Nordics, Netherlands, UK, Germany, Italy, France and Spain, particularly where we can leverage our network and experience to create value. In addition, we are [actively] seeking partner developers and occupiers to enhance our pipeline.”
