Blackstone, Sixth Street, WP Carey and Nuveen Real Estate were among the investors making major moves in logistics real estate this week.
In the largest portfolio transaction, US asset management giant Blackstone is understood to have agreed the acquisition of a 500-property strong portfolio of logistics assets in France from developer Proudreed for over €2bn. Also this week, lenders Natixis and SocGen are said to have launched the sale of a £510m (€584.7m) commercial mortgage-backed securities transaction collateralised by a major UK logistics portfolio owned by Blackstone’s Indurent business.
Meanwhile, WP Carey has acquired a €71m portfolio of industrial assets across Italy, leased to electricity company Enel, while Nuveen Real Estate provided a €350m senior debt facility to Urban Industrial, supporting a portfolio of 55 light industrial assets strategically located across the Netherlands’ key economic corridor.
The 10-year, fixed-rate term loan represents a 60% loan-to-value and is secured by a diversified portfolio of fully operational light industrial properties totaling over 385,000sqm of lettable area.
Caroline Pellmann, senior director, debt at Nuveen Real Estate, said: “This transaction represents an exceptional opportunity to provide capital to a best-in-class operator in one of Europe’s most strategically important industrial markets.
“Urban Industrial’s proven track record of active asset management and the portfolio’s prime locations within the Netherlands’ economic heartland make this an attractive investment and reflects our continued commitment to support great sponsors across key European markets and asset classes.”
On the equity side, Nuveen also bought two logistics sites in Kerpen, Germany, from Cologne-based project developer Aconlog, and in La Bisbal del Penedès, Catalonia, from Engind SL.
Other packages have just been launched for sale. Logistics giant Prologis has reportedly appointed CBRE and DTRE to market a four-asset portfolio totalling 1.15m sqft and worth around £200m, while Vengrove Real Estate Management is said to be marketing a smaller bunch of assets through JLL.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| industrial platform | logistics | France | Blackstone | Proudreed | 500 assets | €2300 | The portfolio spans 2.3 million m2 of mostly urban warehouses in France’s major cities, as well as land for development. |
| Orio Center and the neighbouring NH Hotel | mixed | Bergamo, Italy | Generali Real Estate and the Percassi Group | Commerz Real | 67,700m2 | €470 | Commerz Real acquired the Orio Center, which had been completed in 1998, for its Hausinvest open-ended real estate fund in 2000. |
| UK multilet industrial portfolio | logistics | UK | Sixth Street | Clipstone REIT | 1.7 million sqft | £345 (€396) | Assets include Oakdene Trade Park and Stansted 600, Stansted. |
| six food-anchored retail properties | retail | Germany | Slate Asset Management | NA | NA | €100+ | The properties are leased under long-term, index-linked agreements to some of Germany’s largest grocery and everyday goods distributors. |
| nine assets | healthcare | UK | NA | Target Healthcare REIT | 537 beds | £85.9 (€99) | The sale price represents an implied net initial yield of 5.24%. |
| 35 electricity hubs assets | logistics | Italy | WP Carey | Enel | 35 assets | €71 | The assets are all leased to electricity firm Enel. |
| Hotel Park Plaza Wallstreet | hotel | Berlin | German Civil Service Federation | Union Investment | 169 rooms | €36 | UniImmo: Deutschland has owned the hotel at Wallstraße 23-24 since 1992. |
| Brama Miasta office complex | office | Lodz, Poland | Łódź Voivodeship | Skanska | 44,000m2 | €31 (SEK340) | The second phase of the office complex offers about 14,500 square meters of modern, sustainable office and retail space. |
| Hilton Porto Gaia | hotel | Porto, Portugal | EXTENDAM and Highgate | ECS funds | 194 rooms | NA | The five-star hotel opened in 2021. |
| Bartók Ház office building | office | Budapest | DRFG | CA Immo | 17,600m2 | NA | The deal marks the buyer’s entry into the Hungary commercial property market. |
| two logistics assets | logistics | Kerpen, Germany and Catalonya, Spain | Nuveen Real Estate | Aconlog, Engind | 62,500m2 | NA | The property in Colognen is let to a beverage bottler under a five-year lease, and an international pet food company occupies the Catalonia property under a long-term agreement. |
| Pier81 | office | Hamburg | Montano Real Estate | Generali Real Estate | 8,500m2 | NA | Montano Real Estate plans to exploit the value-add potential of Pier 81 through strategic repositioning and redevelopment, focusing on key measures such as reducing vacancy, modernisation of the building’s exterior and common areas. |
| Unionezero student housing | living | Milan | Nido Living | Prelios, Hines | 600 beds | NA | The asset will be delivered in 2027. |
| The Ard PBSA scheme | living | Glasgow | Maslow Capital | Watkin Jones | 784 beds | NA | The asset asset has a projected Gross Development Value of £182m at completion. |
| MIX Manchester | mixed | Manchester | Greater Manchester Pension Fund, Manchester City | Columbia Threadneedle | 2 million sqft | NA | The scheme has a project gross development value of £1bn. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| four asset portfolio | logistics | UK | Prologis | NA | £200 (€230) | CBRE and DTRE | The disposal would be Prologis UK’s first major portfolio sale since 2021. |
| Prague Marriott Hotel in Prague | hotel | Prague | UBS | NA | €200+ | NA | The asset was extensively renovated in 2022. |
| The Broadway shopping centre | retail | Bradford, UK | Receivers | 572,876sqft | £74 (€85) | Savills | The sale reflects a net initial yield of 9.5%. |
| Nexus portfolio of seven, mid-box industrial and logistics properties | logistics | UK | Vengrove Real Estate Management | 530,483sqft | £64 (€73) | JLL | The portfolio has units in key cities such as Manchester, London, Preston, Sheffield, and Swindon. |
| Fountain House | living | London | NA | 17 apartments | £35 (€40) | CBRE | The site has been recently renovated. |
| Patchway Enterprise Park | logistics | Bristol | Delancey | 280,717sqft | £33 (€38) | Knight Frank | Sale of the mid-box estate reflects a net initial yield of 5.50%. |
| The Grove, Marylebone | office | London | Kajima Europe | 25,004sqft | £30 (€34) | Fineman Ross | The building is let to tenants including Rubix and Elara Capital as well as to the Republic of Latvia for its embassy. |
| Islington Square | retail | London | Cain International | 190,000sqft | NA | CBRE | The overall £400m scheme separately includes 372 residential apartments and public realm. |
| share in a portfolio of 28 retail parks | retail | Poland | Newgate Investment | 164,500m2 | NA | Knight Frank | The ambition is to grow the platform to €1bn in assets under management by 2030. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Banking consortium including Deutsche Hypo | HB Reavis | Varso Place in Warsaw | €510 | The term of the existing loan has been extended until September 2030. |
| Bond investors | CBRE IM | Unsecured | €500 | The seven-year Green Notes are rated A- by Fitch and carry a fixed coupon of 3.5%. |
| Nuveen Real Estate | Urban Industrial | portfolio of 55 light industrial assets in the Netherlands | €350 | The 10-year, fixed rate term loan, represents a 60% loan to value and is secured by a diversified portfolio of fully operational light industrial properties. |
| PGIM Real Estate | Valor and Quadreal | portfolio of five UK logistics properties | £119 (€137) | The floating rate loan is on behalf of PGIM’s senior debt platform. |
| Natwest | ESR Europe | 15 UK urban logistics assets | £103.3 (€119) | The refinancing enhances the performance of the urban logistics fund. |
| Berliner Sparkasse | Hillwood | Falkensee II industrial project | €94 | The new industrial and commercial complex will offer over 84,000 sqm of space and is scheduled for completion in Q2 2027. |
| Swedish bank | Logistri | NA | €87 | The loan will be used to repay loans with M&G with maturity on 20/07/2026. |
| Canada Life Asset Management | Hargreaves Group | Mixed portfolio | £60 (€68.7) | The nine-year term loan is secured against a diverse portfolio of commercial assets, including trade counters, industrial and logistics units, retail warehouses and offices, with a varied tenant mix. |
| Puma Property Finance | MRP | Glasgow PBSA development | £58 (€66.5) | Broadway Studios is expected to open in time for the 2026/2027 academic year. |
| Aviva Investors | AEW with LBS Properties | 95 New Cavendish Street | £37 (€42) | The green loan supports the redevelopment of the asset which will offer over 22,000sqft of office space. |
| Leumi | Kier Property | two UK industrial schemes | £37 (€42) | The funding for the schemes in St Albans and Bognor Regis is Leumi’s second deal with Kier and its first in the spec-built light industrial segment. |
| Cynergy Bank | Farlane | Worcester BTR scheme | £26 (€30) | Cynergy Bank’s financing arrangement includes a 12-month stabilisation period, providing Farlane with the flexibility to implement its letting strategy effectively. |
| Berlin Hyp | Quantum Immobilien KVG | Hofstatt | Three-digit million Euro amount | The five-year loan refinances a mixed-use quarter consisting of five building sections with a rental area of around 35,000 m². |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| RoundShield and CEG Group | UK office repositioning venture | Acquiring, refurbishing and repositioning office-led assets. | The partners are looking to invest £200m in the space. |
| Blackstone and Pluto Finance | European lending strategy | Providing whole loans of between £25m and £100m to real estate owners and developers in the UK and continental Europe, primarily focusing on the logistics and living real estate sectors. | The initial goal is to deploy £2bn (€2.3bn) within the next two years. |
| TSC Real Estate | German healthcare real estate fund | Acquiring general practitioner surgeries, medical centres, medical treatment facilities and related medical infrastructure in Germany. | The fund has secured a €100m commitment from an unnamed German insurer, bringing the vehicle’s total volume to just under €200m. |
| Redevco | Redevco European Retail Parks | Targeting high-quality, convenience-led retail parks across Europe and the UK. | The strategy has received a €500m commitment from CBRE Investment Management. |
| Kingstone Real Estate | KINGSTONE Bezahlbares Wohnen Deutschland I | Investing in affordable housing in Germany. | The fund has a total investment volume of €300m, having raised €150m of equity commitments. |
| Zenzic Capital | Zenzic Real Estate Credit Opportunities Fund | Targeting investments comprising a mix of short-duration high yield tactical credits, medium-term positions that finance value creation, and select special situation opportunities. | The new European opportunistic credit evergreen Fund is anchored by funds managed by GCM Grosvenor. |
| Values | Impact Living Residential Fund | Acquiring affordable residential assets in Germany | The fund has a target volume of €300m. |
| TSC Real Estate | Out-patient healthcare real estate fund | Purchasing GP surgeries and medical centres, medical treatment facilities and related healthcare infrastructure | The fund has raised equity commitments of €100m. |
