Ontario Teachers' Pension Plan and Boreal IM's joint venture has purchased four logistics properties totalling 195,000 m2 in France and Germany.
This includes three French facilities – an 84,000 m2 asset in Bussy Saint Georges east of Paris; a 42,000 m2 facility in Lagny-le-Sec north of Paris; and a 23,000 m2 logistics centre in Canly, between Paris and Lille.
All the French facilities are fully leased to major tenants.
The French acquisitions bring the JV's total French portfolio to 388,000 m2, marking their third major investment in the country in two years.
The joint venture also purchased a 46,000 m2 warehouse near Dortmund, Germany, expanding its German portfolio to 165,000 m2. With easy access to Cologne, Düsseldorf and the Ruhr region, this facility boasts a flexible design suitable for one to five tenants. It is currently leased to a major German 3PL provider, offering stable income, the property benefits from high demand in a region with limited modern warehousing space.
Jenny Hammarlund, senior managing director, Real Estate at Ontario Teachers’ Pension Plan, said: ‘The acquisitions further our strategy to build a portfolio in the strongest markets across Europe. These assets are in prime locations and benefit from attractive, long-term supply and demand dynamics. They also offer opportunities to create additional value through active management, strengthening our ability to deliver portfolio diversification and sustainable returns.’
Nikos Koulouras, partner at Boreal IM, commented: ‘This transaction highlights our capabilities in finding opportunities for value creation through focused, high-impact capex and significant embedded reversionary potential. The Paris market is key for our JV and we are confident that our French portfolio is well-positioned to drive outperformance.’
James Farmer, partner at Boreal IM, added: ‘We continue to have strong conviction about the supply-demand dynamics and outlook of the German logistics market. This asset’s prime location, high-quality institutional specifications, and significant rental upside potential align perfectly with our investment strategy.’
