IDI Gazeley has acquired three class-A logistics warehouses in Europe totalling 1,000,000 sq ft.
It is buying out the remaining 90 per cent shareholding in a joint venture with CalEast to take 100 per cent ownership and control of the portfolio which includes:
* A 615,000 sq ft warehouse located at Magna Park Monticelli, close to Piacenza
* A 210,000 sq ft warehouse situated in Fos, adjacent to the container terminal at the Port of Marseilles
* A 224,000 sq ft warehouse north of Frankfurt
Occupiers include: UPS, Whirlpool, Scerni Logistics and VanEupen Logistiks.
Chief acquisitions officer Nick Cook said: “The CalEast portfolio represents an attractive opportunity to expand IDI Gazeley’s operating portfolio with assets that are well known to us and already partly owned by the business. Our inherent knowledge of those assets and their customers gives us significant value-add potential”
The acquisition takes the total number of assets currently under management by IDI Gazeley Europe to 25 (6,635,950 sq ft; 616,500 sq m).