CBRE Global Investment Partners (GIP) has bought a portfolio of European logistics assets from TH Real Estate.

The portfolio of seven assets in France, the Netherlands, Spain and Germany was sold by Warburg-HIH Invest and TIAA-CREF for €346m.

The 55,700 sqm portfolio was previously owned by the Warburg-Henderson Pan-Europa Fonds 1 and 3 and TIAA-CREF.

Although the latter has been looking to increase its investment in European real estate, TH Real Estate managing director for Europe, Mike Sales, said the disposal made “good commercial sense for both clients” given the “weight of capital in the market seeking exposure” to the sector.

CBRE GIP, the indirect arm of CBRE Global Investors, said it will use TH Real Estate to manage the portfolio.

Jeremy Plummer, head of the renamed real estate multi-manager, said logistics is a “preferred” sector of GIP.

“Finding the right assets and operating partner is key in our search,” Plummer said. “One of the key attractions of this pan European logistics portfolio was the pre-specification of assets enabling us to underwrite not only our operating partner but also the underlying real estate.

“We believe the portfolio will deliver an attractive income return for our investors, while our operating partner can also successfully grow net operating income.”

CBRE GIP is also co-investing in Chinese logistics with Ivanhoé Cambridge, the property subsidiary of Canada’s Caisse de dépôt et placement du Québec. The two investors have committed to Logos Property Group’s China Logistics Club, which is focusing on large Chinese cities including Shanghai.