CBRE advises on the sale of the most geographically diverse logistics portfolio in Europe
CBRE, the world's leading real estate consultancy and service provider, has advised on the sale of one of SEB's (the leading Nordic investment bank) logistics portfolios for €350 million to the investment firm Blackstone and the fund manager Tritax. Comprising 19 properties, spread across 8 countries, it is the most geographically diverse logistics portfolio ever sold in Europe.
The 18 logistics properties acquired by Blackstone for €275 million are located in eight European countries: Spain, Austria, France, Germany, Hungary, Netherlands, Norway and the UK.
The remaining property was sold separately to Tritax for an approximate price of €74 million. Located in Doncaster (United Kingdom), it comprises a 70,147 sqm warehouse on a 5 year lease.
The portfolio comprises a total of 504,444 sqm of available space with rents of approximately €24 million per annum, from 35 tenants. The properties are owned by several funds, three of which form part of a vehicle company and 16 as individual properties.
The Spanish section of the portfolio is comprised of four logistics platforms located in Cabanillas, Alovera and Ciempozuelos, with a total of 137,500 sqm of let space. These properties currently have nine tenants, amongst which we would note well renowned companies such as: DHL, Logiters and Mercadona.
“This logistics portfolio is the most geographically diverse portfolio ever sold in Europe. The interest shown for this portfolio, demonstrates investors' appetite for high quality European logistics properties" assured James Markbly, CBRE's EMEA Director of Industrial and Logistics.
The sale, which was carried out on behalf of SEB, was completed in less than 12 weeks. SEB is the leading investment bank in the Nordic countries, providing corporate banking, trading, capital markets and global transaction services to large corporates and financial institutions