Family office-owned Westcore Europe has bought two assets on its way to investing up to €200 mln over the next two years.
US-headquartered Westmore, whose holding company has $3.5 bn (€3bn) of AUM, has invested €18 mln in France and Austria.
It is seeking to satisfy a demand for long term investments and value add opportunities.
The first deal in Dijon, France, comprises a sale and leaseback transaction on a 25,700 m2 light industrial property with ancillary office space, occupied by Japy-Tech, a leading manufacturer in the dairy industry. The property occupies a 74,000 m2 site and the acquisition included an adjacent plot of land totalling around 26,000 m2, which provides Westcore Europe with an opportunity to deliver another 12,000 m2 via new development.
Its second deal is for Hydropark Ebergassing near Vienna Westcore Europe in an off-market deal from Canadian-based Granite Reit comprising 40,000 m2 of light industrial and distribution space.
Marc Brutten, founder and chairman of Westcore Europe, said the acquisitions represented an important milestone in its European expansion. ‘As well as adding to our growing portfolio, both properties provide opportunities for adding value through proactive asset management.’
‘Additionally, the sale and leaseback deal with Japy-Tech represents our first acquisition in France, providing us with a high-quality income stream and an opportunity for future development.’
‘Our ambitious acquisition programme will see further purchases over the next few months from all four of our European offices,' he added.
