Ontario Teachers’ Pension Plan and Boreal IM have acquired two logistics assets in Germany for their pan-European joint venture which is targeting a €3 bn portfolio.
The JV has acquired a 37,000 m2 warehouse in Bochum from Tritax Eurobox, and entered into a forward funding arrangement with Panattoni, who will deliver a 27,000 m2 warehouse in Bornheim, south of Cologne.
The acquisitions extend the JV’s footprint in the German market to 107,000 m2 after acquiring an asset in Hammersbach in 2023.
Formed in 2022, the OTPP and Boreal IM joint venture has so far transacted on over €1.3 bn of deals, with acquisitions in the UK, Italy, Netherlands, Spain, France and Germany.
Jenny Hammarlund, senior managing director, real estate at Ontario Teachers, said: 'We are pleased to see the continued growth of the portfolio in Germany, a key market for us. These assets represent the JV’s success in finding and executing outsized opportunities for value creation in prime markets in Europe.'
James Farmer, Partner at Boreal IM, commented: 'These acquisitions are strategically important to our portfolio in a market where scale has traditionally been difficult to reach and prime stock is undersupplied. We look forward to increasing our momentum in Germany during 2024.'
