CBRE GIP buys French logistics portfolio from Apollo fund
CBRE Global Investment Partners (GIP), CBRE’s multi-manager, has bought a portfolio of logistics assets in France for €240m.
The investment manager’s fund-of-funds platform bought the Nautilus portfolio in a joint venture with Arax Properties, which will manage the properties.
The 439,835sqm portfolio, sold by an Apollo-managed fund, includes 12 distribution centres between Lille and Marseille.
Asset sizes range between 20,000sqm and 70,000sqm, and the portfolio is 98% let to five tenants.
Jeremy Plummer, chief executive at CBRE Global Investment Partners, said: “The weight of capital in the European real estate market chasing logistics assets will drive further yield compression, making this a particularly attractive sector to invest in.
“The Nautilus portfolio has strong property fundamentals – high occupancy rates, a lack of supply where these assets are located and knowing that one of our major tenants considers these sites as part of their long-term business plan. We expect the portfolio to deliver a strong income return for our investors.”
Warburg-HIH Invest and TIAAA-CREF sold the portfolio of seven assets – in France, Germany, the Netherlands and Spain – for €350m in June.
The 600,000sqm portfolio includes the Villabbé scheme in France, let to French retailer Auchan, as well as assets let to DHL and Procter & Gamble.