Global real estate investor, operator and developer Brookfield and industrial real estate operator Copley Point Capital have invested in three distribution facilities for around £54 mln (€62 mln) close to Heathrow airport.
Brookfield has made the investment via its Brookfield Real Estate Solutions division, which sponsors customised funds for client capital partners. It has done via a JV with local partner, Copley Point Capital.
The three grade-A units total 220,000 ft2 used for air cargo by courier tenants DHL, Circle Express and Air Menzies.
Alexis Prevot, MD at Brookfield Real Estate Solutions, said: ‘This marks our fourth acquisition through our UK mission-critical warehouse joint venture with Copley Point and our eighth investment in Europe through Brookfield’s real estate sponsor solutions strategy.’
‘We will continue to offer solutions to sponsors across all real estate asset classes, with these three distribution warehouses an example of the type of high-quality, well-located assets that we will continue to target across Europe.’
In March, the company revealed it had taken a majority stake in a 1.4 million ft2 portfolio of three big-box distribution warehouses in the UK via a secondaries transaction.
Although financial details were kept confidential, market sources put the deal price at £125 mln (€140 mln). The transaction took the form of a recapitalisation of a logistics portfolio owned by Tritax Big Box REIT, which remained as minority investor.
Brookfield’s partner in the deal was also Copley Point, which took a minority stake in the assets and is operating them.
