A 50:50 joint venture between Nordic fund manager and property owner Areim, and VGP, a supplier of logistics and semi-industrial real estate, has closed its debut acquisition.
The deal consists of 17 assets in ten different logistics parks across Germany, the Czech Republic and Slovakia. The total area amounts to 450,000 m2 of gross lettable area and is fully let.
'We are delighted to announce our first acquisition in this joint venture. The portfolio consists of modern and sustainable logistics assets with characteristics and locations we believe are just right for now and for the future. We have worked closely with VGP to identify the portfolio and execute the acquisition and we look forward to the continued collaboration,' said Erik Vikbladh, CIO and partner at Areim.
The joint venture, focusing on investments in prime logistics in Europe, is targeting €1.5 bn in gross asset value and will invest mainly in Germany and France, but also in the Czech Republic, Slovakia, and Hungary.
The portfolio will consist of sustainably secured logistics assets in strategic locations with VGP acting as asset and property manager.
Added Vikbladh: 'With over 20 years of experience as an operating partner, joint venture partner, and fund manager, we have great respect for the local knowledge needed in different markets, and the need for thorough underwriting, capital allocation, and managing regulatory issues.
'Together with VGP, we aspire to build a future-proof and sustainable logistics portfolio, hoping to bring lasting value. We see this new venture as a great opportunity to continue to build our knowledge in different sectors and geographies, while retaining a humble and modest approach, expanding our platform step by step.'
The financing of Areim’s share in the joint venture comes from a recently closed fund, Areim Pan-European Logistics Fund, which was closed with €500 mln in committed capital, raised from international institutional capital.
