Valad Europe has bought a portfolio of Central and Eastern European industrial assets from Aviva Investors, bringing to an end an 11-year joint venture.

The company is buying the Central European Industrial Fund (CEIF) after participating in the joint venture for more than a decade.

Established in 2005, the CEIF was asset-managed by Valad and fund-managed by Aviva Investors.

The portfolio of 22 multi-let assets will now be held by Valad with a global institutional investor.

The 620,000sqm portfolio of industrial and logistics properties is spread across Poland, Hungary, Romania and the Czech Republic.

Thierry Leleu, head of funds management at Valad Europe, said: “The acquisition and extension of CEIF is a great result and comes at a time when there is strong demand for industrial and logistics assets in Central and Eastern Europe.”

The portfolio has been refinanced by pbb Deutsche Pfandbriefbank with a €160m loan. 

The loan replaces a €169m facility signed as a three-year extension at the start of 2013 with the same bank.