Patrizia’s flagship, open-ended pan-European property fund has reached €1bn in gross assets value with the acquisition of a 34,000sqm French logistics portfolio.
The PanEuropean Property Limited Partnership has invested an undisclosed amount to buy two warehouses in Lyon and one in Strasbourg from the logistics group Kuehne & Nagel in a sale-and-leaseback deal.
Samy Bougandoura, the head of transactions for Patrizia France, said: “Despite the current uncertain economic climate in Europe, we are able to source and invest in highly attractive assets like these by combining Patrizia’s proprietary data intelligence tool, the Logistics Impact Solution, with local expertise across Europe.
“We expect demand for the best logistics assets, including light urban industrial, cold storage and transportation hubs, to remain sustained on the back of global megatrends such as e-commerce, urbanisation and digitalisation.”
Flavio Casero, the PanEuropean fund’s director, said: “Throughout the pandemic and current market uncertainty, our focus has centred on sustainability, quality of tenants, future-proofing the portfolio through a mix of proactive asset-level enhancements, targeted acquisitions and sales, while consistently securing long-term debt at fixed cost.
”As a result, PanEuropean has been able to raise over €320m since 2020 and continues to attract interest from long-term institutional capital with no outstanding redemptions. On behalf of the entire Patrizia team, we would like to thank our investors for their continued support.”
The PanEuropean fund, which started in 2004, is Continental Europe’s longest-running open-ended fund. The fund’s fully let portfolio comprises logistics assets (44%), office (22%), living (25%) and retail (9%).
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