Ivanhoé Cambridge plans to invest up to €400m in northern Europe to target last-mile logistics real estate.
The C$60bn (€41bn) real estate subsidiary of the Caisse de dépôt et placement du Québec has announced the launch of the new strategy and the acquisition of seven assets in the Netherlands as part of a new partnership with asset manager URBZ Capital.
The assets in Rotterdam, Utrecht, and Eindhoven were acquired for €70m.
Ivanhoé Cambridge said the partnership with URBZ would develop a portfolio in the Netherlands and other Northern European markets, including Germany, Belgium and the Nordics.
Michael Neuman, an investment vice prisdent in Europe at Ivanhoé Cambridge, said the last-mile strategy aimed to anticipate structural market trends and to support new tenants’ needs linked to the rapid e-commerce growth.
“Due to the granularity of the last-mile assets, we deemed it necessary to have a specialised partner to deploy our capital. Alongside URBZ Capital, we look forward to growing our portfolio in other major cities in Northern Europe in the coming years.”
Ali Nassiri and Bram Verhoeven, co-founders of URBZ Capital, said: “We are thrilled to be partnering up with Ivanhoé Cambridge in which we have found a top-tier capital partner that has a long-term view and a strong DNA and strategic fit with URBZ Capital.
“This programme will enable us to continue executing on our strategy, creating the next-generation last-mile facilities in Northern Europe.”
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