GreenOak has expanded its European logistics platform with the acquisition of 22 assets in France and Spain.

GreenOak Europe Fund II has added 720,000sqm of assets with the acquisition of 20 warehouses and cold storage assets in France and two cold storage assets in Spain.

The real estate manager said these latest acquisitions take Fund II’s continental European logistics platform of assets and development projects to around 1.8m square meters.

IPE Real Assets understands that once the development portion of the portfolio is completed, the 1.8m square metres should be worth around €1.5bn.

The €656m Fund II closed in April this year. Alongside co-investment capital, GreenOak is able to invest over €900m of equity into European real estate assets.

John Carrafiell, a co-founder of GreenOak said: “Large, well-located, modern, high-quality logistics facilities are the key real estate asset for today’s economy. With continental Europe 10 to 15 years behind the US and the UK in the provision of state-of-the-art facilities, the fundamentals driving occupier demand are strong.

“Establishing a platform of size and scale focussing exclusively on such facilities enables our team and its partners to serve the needs of a diverse range of companies in the sector who are growing and have a voracious appetite for quality space in the right location.”

GreenOak’s European logistics platform holds assets in France, the Netherlands, Italy and Spain. Fund II is fully discretionary and has the ability to acquire assets in Western European countries including UK, Germany, Portugal and Ireland.

“With limited competition able to be effective in a multiple of continental Europe’s largest economies, GreenOak’s significant presence and development activity positions our platform well across the continent as a leading investor and developer in the sector,” Carrafiell said.