December saw some of the world’s leading real estate investors swallow up large logistics funds and portfolios.
Singaporean sovereign wealth fund GIC gulped down 132 logistics properties totalling 2.2 million m2 by closing on the 'Tiger' portfolio, its acquisition of EQT Exeter’s most recently assembled pan-European fund for €3 bn. And CBRE Investment Management agreed a €4.3 bn deal to acquire 57 modern sheds in the US and Europe comprising 2.7 million m2 of space. The latter is not included in the data sheet because the investment manager has not revealed the value of the 24 assets in Germany, Poland and the UK.
The €520 million acquisition of Elite and Macquarie’s Elite Logistics Fund 1 last month by Blackstone’s rapidly growing European core+ fund seemed small by comparison.
As expected, a number of substantial residential portfolios traded in late December, with the largest being Heimstaden selling down part of its October Akelius takeover in a €3 bn JV with Allianz.
There were large office transactions in London, Manchester, Warsaw, Paris, Hamburg, Copenhagen and Barcelona with Korean asset managers reappearing in several of these acquisitions.
Opportunistic acquisitions of big shopping centres, another resurgent trend at the tail end of 2021, were seen in Berlin and Stockholm, while LandSec confirmed it had upped its stake in one of the UK’s biggest malls - Bluewater - at a value above 8%.
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