The real estate arm of Ontario Teachers’ Pension Plan and Boreal IM have invested €250m to buy assets in the UK and Netherlands, as part of a plan to create a €3bn pan-European logistics portfolio.
Cadillac Fairview and Boreal IM have acquired an industrial park in Park Royal in West London and another in the Port of Rotterdam as the first two acquisitions for their newly created venture.
In London, the venture has acquired Nucleus, an estate of four fully-leased warehouses in Park Royal from fund manager Abrdn. The asset in Rotterdam, comprises six fully-leased warehouses.
Louis-Simon Ferland, founder and partner at Boreal IM said: “The acquisition of these assets marks the first step in our mandate with Cadillac Fairview. We will be focusing on assets across core European locations where fundamentals support outsized demand for logistics assets.”
Jenny Hammarlund, head of Europe and managing director at Cadillac Fairview said: “Cadillac Fairview is focused on expanding its global real estate holdings and Europe is a key part of this.
“Our partnership with Boreal enables us to team up with a best-in-class group of professionals with highly relevant experience, to build up a significant exposure to the European logistics and last-mile sectors, which continue to have good underlying fundamentals underpinned by strong demand for best-in-class ESG driven assets.”
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