IDI Gazeley, the logistics unit of US-based Brookfield Property Partners, has confirmed the acquisition of three class-A logistics warehouse assets in Europe totalling 1 million sq ft (97,400 m2).
IDI Gazeley, the logistics unit of US-based Brookfield Property Partners, has confirmed the acquisition of three class-A logistics warehouse assets in Europe totalling 1 million sq ft (97,400 m2).
IDI Gazeley is buying out the remaining 90% shareholding in the existing joint venture with partner CalEast to take 100% control of a portfolio comprising three assets in Germany, France and Italy. Financial details were not disclosed.
The three properties were developed by the joint venture between 2006 and 2008 and include a 57,100 m2 warehouse located at Magna Park Monticelli to the north of Milan; a 19,490 m2 warehouse situated in Fos near Marseilles; and a 20,830 m2 warehouse located to the north of Frankfurt.
The portfolio has a strong occupier base with customers including UPS, Whirlpool, Scerni Logistics and VanEupen Logistiks.
Commenting on the deal, IDI Gazeley chief acquisitions officer Nick Cook said: 'The CalEast portfolio represents an attractive opportunity to expand IDI Gazeley’s operating portfolio with assets that are well known to us and already partly owned by the business. Our inherent knowledge of those assets and their customers gives us significant value-add potential.'
He added: 'This deal further reinforces the strides we are making to expand our platform and breadth of offering to our fast-expanding customer base. We look forward to making further announcements in due course as we grow our operations.'
The acquisition takes the total space currently under management by IDI Gazeley Europe to 616,500 m2.
