Canada Pension Plan Investment Board (CPP Investments) is making a €400m co-investment in Proudreed’s industrial portfolio and platform in France alongside Blackstone.
Late last year, Blackstone agreed to acquire the French industrial portfolio and platform from local real estate firm Proudreed. The deal involved Blackstone acquiring a 2m sqft portfolio of around 500 assets valued at €2.3bn, including 67 secured projects under development.
With an occupancy rate of 92%, the portfolio’s operations and development will continue to be managed by the Proudreed platform and its team under CEO Christophe Le Corre.
CPP Investments said its investment will give it a “significant minority interest in the platform”.
Thomas Jackson, head of real estate Europe at CPP Investments, said: “This investment gives us immediate scale in one of Europe’s most supply-constrained last-mile urban logistics markets. Proudreed combines a high-quality, diversified portfolio with strong embedded rental growth potential.
“Our longstanding partner Blackstone brings strong experience supporting the building and scaling of logistics platforms across Europe, contributing to our strategy to access high conviction, thematic sectors, at scale. This investment will help deliver long-term, risk-adjusted returns to the CPP fund for the benefit of CPP contributors and beneficiaries.”
James Seppala, head of European real estate at Blackstone, said: “Proudreed’s exceptional management team have built a high-quality portfolio and one of France’s leading logistics platforms, and we are pleased to partner with CPP Investments to continue scaling the business and capturing the strong demand for last‑mile logistics across the country.”
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