A European logistics joint venture (JV) between the Ontario Teachers’ Pension Plan and Boreal IM has added five assets to its French portfolio.

The venture which made its first investment in France last year with the acquisition of a standing asset and development plot in Paris, has now invested an undisclosed sum to buy the fully-let 165,000 sqm portfolio of assets in Lyon, Nantes, and Lille as its second investment in France.

The JV – formed in 2022 to create a €3bn pan-European logistics portfolio – has so far transacted on over €1bn of deals, with acquisitions in the UK, Italy, Netherlands, Spain, France and Germany. 

Jenny Hammarlund, senior managing director of real estate at Ontario Teachers, said: “This portfolio is a strategic acquisition for the JV, significantly growing our AUM in France and further diversifying our geographic presence.

“We now have the opportunity to work with a strong roster of tenants to implement ESG initiatives as we continue to build our best-in-class portfolio and create value through active asset management.”

Xavier Aubrun, vice president at Boreal IM, said: “This acquisition allows us to firmly establish the JV in France through a high-quality portfolio in key markets with strong fundamentals.

“We are pleased to demonstrate again our ability to execute throughout Europe and our commitment to the French market, a key target for us where we are expecting to grow our platform further. As the market is finding its new equilibrium, 2024 is set to be another busy year for our JV.”

To read the latest IPE Real Assets magazine click here.

Topics