Global investor Arrow Capital Partners has completed or secured exclusivity on €200 mln of acquisitions in Germany, Spain, the Netherlands, Poland and the UK since launching its €2 bn Sire joint venture with US-based global alternatives firm Cerberus Capital Management in July this year.
In Germany, Arrow has acquired a distribution asset in Leipzig. The capital value of the asset was €890 per m2 and the asset has excellent ‘last-mile’ characteristics and forms part of an important logistics cluster that is close to Leipzig International Airport, which is one of DHL’s global hub airports, as well as a major Porsche manufacturing facility.
In Spain, Arrow has acquired a three-asset portfolio of logistics assets, reflecting a capital value of €372 per m2. Located in Vilamalla (Gerona), Tortosa (Tarragona) and Fuenta de Piedra (Malaga), the properties are fully let to Miquel Alimentació Grupo, the second largest cash and carry business in Spain.
In the Hague in the Netherlands, Arrow has acquired the Viaductweg multi-let light industrial asset, reflecting a capital value of €990 per m2. Comprising 19 units, the estate is 98% let to 17 occupiers that service City centre businesses and consumers. Located centrally, Viaductweg has strong asset management potential.
In addition, Arrow is active or in exclusivity on several potential acquisitions across Italy, Nordics, France and CEE.
Katherine Parker, partner and head of investment management at Arrow Capital Partners, said: 'The Sire portfolio will have a diverse European geographic distribution, backed by a focus on ‘last-mile’ logistics and light industrial locations across strategically important cities and transport hubs. We are actively seeking opportunities in the 5-7% NIY range.'
Sire, Strategic Industrial Real Estate, invests in core-plus industrial and logistics assets yielding more than 5%, as well as vacant assets with strong lease-up potential. Seeking to capitalise on the boom which e-commerce is fuelling in logistics, the fund targets urban infill locations in major European cities in Germany, Benelux, UK, Italy and Spain, as well as France, the Nordics and central Europe.
