Pan-European real estate investment firm Patrizia has bought 16.1 million sq ft of warehousing, totalling 42 separate sites in four countries.
Located in France, Spain, Italy and the Netherlands, the portfolio comprises over 15 million sq ft of existing lettable area as well as a further 1.4 million sq ft of lettable space for the three developments in Italy and Spain.
The portfolio is being backed by Danish and Korean pension funds. It was bought by Patrizia from BentallGreenOak.
The assets are being let to tenants including Aldi, Dachser, DHL, Easydis, XPO Logistics, FM Logistics, Kuehne + Nagel, Carrefour, CEVA Logistics, and Geodis.
Rob Brook, head of alternative investments at Patrizia, said: “This purchase provides immediate exposure to a portfolio of institutional quality and scale across four separate markets, which will deliver robust, reliable returns to our investors.
“We expect there to be additional potential opportunities for the portfolio to cover growth markets and to diversify the pan-European logistics platform further, due to a relatively low base of e-tailing penetration across Europe in contrast to some specific markets like the UK, Germany and The Netherlands.”