Swiss Life Asset Managers has invested an undisclosed sum on behalf of two of its finds to buy a 188,000sqm portfolio of 10 pan-European logistics assets from Barings.
The manager has bought the fully-let portfolio of ten assets located across Germany, France, Italy and Spain on behalf of its ESG European Thematic Income & Growth and ESG European Industrial & Logistics funds.
Six of the 10 assets in the portfolio are dedicated cold storage units.
Barings said the disposal follows the successful execution of its business plan for the portfolio as part of its core investment strategy.
Nick Pink, the head of Europe real estate portfolio management at Barings, said: “Having built and benefitted from a significant overweight to the sector for this mandate in recent years we are now refining our logistics strategy and making selected sales that reflect our view of the sector’s rapid evolution as we emerge from the global pandemic.
“We expect to redeploy proceeds in the sector with a focus on build-to-core and urban logistics in top-tier markets.”
Gunther Deutsch, managing director, head of real estate transactions – Europe and managing director Germany at Barings, said this transaction represents the firm’s first pan-European logistics portfolio sale following its strategic growth in this sector in recent years.
“We continue to see compelling logistics opportunities in our key markets of the Nordics, Netherlands, UK, Germany, Italy, France and Spain, particularly where we can leverage our network and experience to create value.
“In addition, we are [actively] seeking partner developers and occupiers to enhance our pipeline.”
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