CBRE Investment Management is acquiring a logistics real estate portfolio from Hillwood for $4.9bn (€4.33bn).

The portfolio includes 33 assets in the US, encompassing 19.2m sqft, and 24 assets in Germany, Poland and the UK, totaling 9.2m sqft.

In June, CBRE Investment Management formed a global logistics team and, by the end of September, more than a quarter of its $133bn of assets under management were logistics and industrial properties.

Last month, the company acquired a 617,393sqft industrial warehouse in the UK which is to become the new distribution hub for department-store retailer John Lewis & Partners.

“This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” said Chuck Leitner, CEO of CBRE Investment Management.

“Backed by a $35bn AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.”