CBRE Global Investment Partners has completed its purchase of a European logistics portfolio from TH Real Estate clients as it looks to invest more in the sector.

The portfolio of seven assets, in France, Germany, the Netherlands and Spain, was sold for €350m ($400m).

As reported in June, the assets were sold by Warburg-HIH Invest and TIAA-CREF.

The 600,000sqm portfolio includes the Villabbé scheme in France, let to French retailer Auchan, as well as assets let to DHL and Procter & Gamble.

TH Real Estate, which will continue to manage the portfolio, will target assets across France, Germany, Spain and the Benelux.

Investments in Central and Eastern Europe will also be considered.

Jeremy Plummer, head of CBRE Global Investment Partners, said the acquisition gave its clients exposure to a high-quality portfolio of logistics assets in strategic locations across Europe.

“Our goal is to complement the existing portfolio with further acquisitions of similar quality,” he added.

Thorsten Kiel, portfolio manager and head of logistics for Europe at TH Real Estate and fund manager for the vehicle, said: “This seed portfolio, spread across four attractive markets, exhibits a sound degree of risk diversification and delivers high and stable income.

“European logistics has been identified by CBRE GIP and our research team as one of the key asset classes a diversified, income-focused investment strategy should take advantage of.”

Good-quality buildings in well-established logistics hubs, Kiel said, are expected to deliver strong income returns, particularly in Western and Southern European markets, where the spread between bonds and prime logistics yields are still more than 450-550 basis points.

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