Logistics specialist Clarion Partners Europe has acquired a portfolio of eight modern logistics properties across Germany and the Netherlands for €270 mln, on behalf of one of its commingled funds.
The portfolio, totalling 241,400 m2, was acquired from funds managed by Blackstone. Since March 2023, Clarion Partners Europe has now deployed, or committed to deploy, some €960 mln into high quality European logistics assets.
Rory Buck, managing director, Clarion Partners Europe, said: 'Germany and the Netherlands are logistics markets where we see significant opportunity given their favourable supply demand dynamics.
'Since Q1 last year we have accelerated our investment activity and over the course of 2023 committed to acquire approximately €1 bn of assets. With further significant capital to deploy, we are targeting a similar trajectory in 2024.'
The portfolio consists of six modern logistics assets in Germany and two similar assets in the Netherlands, which are close to major urban hubs and directly connected to major arterial routes.
The German properties comprise a 38,700 m2 property in Michelsrombach, with a DGNB Gold certification, which is fully let to a logistics and transport service provider; a 27,900 m2 property in Halle, 15 km west of Leipzig, also DGNB Gold certified and fully let to an integrated e-commerce logistics and omnichannel technology provider; plus another 27,600 m2 property in Halle, completed in 2023 and targeting BREEAM very good.
The other three properties are a fully let asset in Dortmund (21,600 m2), a 13,900 m2, fully let property in Neunkirchen, and a 16,900 m2 property in Werne with DGNB Gold, fully let to a subsidiary of a global pharmaceutical company.
In the Netherlands, Clarion has acquired a 57,500 m2 fully let property in Eindhoven, and a 37,300 m2 property in Vianen, certified BREEAM Good, which is leased to two logistics service providers.
Thorben Schaefer, director at Clarion Partners Europe, said: 'This was a rare opportunity to acquire a significant Dutch and German portfolio of tenant critical logistics assets, all located within a short distance of major motorway networks and population centres.
'Alongside strong day one income, the portfolio provides meaningful reversionary potential. Leveraging our proven asset management capabilities to undertake a range of leasing and ESG-led capex initiatives will enable us to capture this upside and future proof the portfolio.'
Clarion Partners Europe was advised by Goodwin Procter, Drees & Sommer, Deloitte, Loyens & Loeff and CBRE. Eastdil Secured acted as adviser to Blackstone.
