M7 Real Estate and Centerbridge Partners have added a Danish asset to their recently created European industrial outdoor storage (IOS) venture.
The partnership has acquired the vacant Snaremosevej 63-65 and Blytäkkervej 1 asset in Fredericia for an undisclosed sum from PostNord.
Snaremosevej 63-65 and Blytäkkervej 1 comprise 57,400sqm of space including 40,100sqm suitable for outdoor storage and 17,300sqm logistics building and office space.
The companies said the transaction is the second Danish deal for the €250m continental Europe joint venture (JV), which targets urban IOS assets in areas with strong industrial, logistics and transport activity. The joint venture implements value-add asset management strategies.
With this acquisition, the venture’s Danish portfolio now totals approximately 92,000sqm, including 70,000sqm of IOS and 22,000sqm of warehouse and office space.
Mikkel Seitzberg Mikkelsen, MD at M7 Real Estate in Denmark, said: “Alongside our partner, Centerbridge, we see an attractive opportunity in the IOS subsector of the industrial and logistics market in Denmark, primarily driven by the growth of e-commerce and the consolidation of global supply chains.”
“This JV aims to seize an opportunity to be an early mover in this subsector across Europe, including in Denmark where we have an on-the-ground team and asset management expertise. Having completed two acquisitions in Denmark for the JV, we have established a strong foundation and are exploring a robust pipeline of opportunities as we continue to grow a scalable institutional platform across Europe.”
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