AXA IM Alts has acquired a £391m (€470m) UK logistics portfolio from a joint venture between Goldman Sachs and Canmoor.
AXA IM Alts said it acquired the 1.9m sqft portfolio in the East Midlands on behalf of clients through its real assets platform.
The portfolio comprises a combination of predominantly Grade-A last-mile and regional modern logistics warehouses and includes nine standing assets and one development, which will be acquired upon completion.
AXA IM Alts said it plans to utilise its asset management expertise to further upgrade the assets and unlock identified portfolio reversion.
Stuart Carr-Jones, the head of UK & Ireland transactions at AXA IM Alts, said: “This is a unique opportunity to acquire a high-quality and well-let portfolio of scale in some of the most strategic UK logistics micro-locations, and in a sector in which we retain our long-held conviction.
“Demand for modern warehouse space remains robust, driven by the growth of e-commerce, multi-channel retail and global business-to-business distribution, and we look forward to leveraging our asset management and capex programmes to capture the portfolio reversion, grow income and ensure the continued creation of value for our clients over the longer term.”
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