CB Richard Ellis has said it acted as adviser to Curzon Capital Partners II fund on the acquisition of a portfolio of seven distribution warehouses in the Netherlands and Germany. The deal, which generated gross proceeds of EUR 119.5 mln, was the largest pan-European industrial portfolio transaction this year. CCPII fund is managed by AEW Europe.
CB Richard Ellis has said it acted as adviser to Curzon Capital Partners II fund on the acquisition of a portfolio of seven distribution warehouses in the Netherlands and Germany. The deal, which generated gross proceeds of EUR 119.5 mln, was the largest pan-European industrial portfolio transaction this year. CCPII fund is managed by AEW Europe.
As reported earlier, CCPII acquired the assets from Prologis European Properties and reflects a net initial yield in excess of 8%.. The sale is expected to close in tranches over the next six to eight weeks.
The portfolio comprises 229,000 m2 of distribution warehouse space at three locations in the Netherlands (Bergen op Zoom, Haaften and Rotterdam) and four locations in Germany (Neumarkt, Peine, Soest and Straubing). The sale price reflects a discount of 6.4% to December 2008 valuations.
David Turner, Executive Director, Industrial & Logistics, CBRE, said: ' CBRE's Cross Border Industrial and Logistics Team were pleased to work with AEW, on what is one of the first large pan-European portfolio transactions of 2009. This deal further underlines the relative robustness of the logistics sector.'
While investment activity in the sector contracted last year, reflecting reduced liquidity in the property market as a whole, the contraction has been shallower in industrial and logistics than in the market as a whole. As a result the sector’s share of European real estate investment has risen to 10%, having averaged around 7% in the period 2005-07
