Dream Industrial REIT has acquired an €882m logistics portfolio in Europe from Clarion Partners Europe.
Dream’s subsidiary Dream Industrial Europe Advisors Cooperative UA is buying shares of the company that owns a fully-leased portfolio of 31 logistics properties from Clarion.
The portfolio, which has been amassed by Clarion over the past four years, totals over 827,000sqm across six European markets. By value, 90% of the 31 properties is located in Germany, the Netherlands, France and Spain, with one property in each of Slovakia and the Czech Republic, Dream said.
Bruce Traversy, the head of investments for Dream Industrial REIT, said: “This acquisition is consistent with Dream Industrial’s strategy to add high-quality assets in strong European industrial markets, while improving portfolio quality, scale and diversification.
“The transaction provides a unique and transformational opportunity to accelerate Dream Industrial’s European expansion strategy, and enhances its institutional asset management, leasing and in-house development platform.
“Our long-standing relationships with the most highly regarded European institutions, including Clarion, were instrumental in allowing us to execute on this transaction, and we look forward to continuing to grow and upgrade our portfolio in Europe.”
Dream has been active in Europe since 1998.
Alistair Calvert, CEO of Clarion Partners Europe, said: “This transaction maintains our market-leading track record of aggregating extremely high-quality assets, in structurally supported sectors, before realising signficant value on behalf of our investors through disposals to established counterparties.
“Our over 15 years of experience in the European industrial and logistics space allowed us to efficiently and methodically amass this portfolio asset by asset, in order to maximise returns.”
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