Logicor has bought a European logistics portfolio from Standard Life’s European Property Growth Fund.
The eight assets were sold by Standard Life Investments as it adjusts the fund’s focus to concentrate on its core markets.
Logicor bought the assets, in Belgium, Germany, Italy and Hungary, in an off-market transaction.
Mo Barzegar, CEO and president, Logicor said the portfolio strengthens its pan-European platform.
The 241,753sqm portfolio is 99.7% leased. Tenants include DB Schenker, DHL and online electronics retailer Redcoon.
The deal covers around 20% of the Standard Life fund. Proceeds will be reinvested in assets in The Netherlands, Germany, Spain and Ireland.
Fund manager Veronica Gallo-Alvarez said: “This is a strategic transaction that meets our long-term objectives for the fund, which is about continuing to deliver robust long-term returns for investors.
“We are targeting income generating assets as well as opportunities to create value in core and recovery European markets with a demonstrable opportunity for strong rental growth. As part of this repositioning, we are already undertaking due diligence on a number of possible acquisitions.”