CBRE Global Investment Partners (GIP) has acquired a portfolio of logistics properties in France in a joint venture and via a deal valued at €240 million.
The division of Los Angeles based real estate investment management business CBRE Global Investors announced today it had purchased the ‘Nautilus’ portfolio alongside London-based private real estate investment firm Arax Properties.
The seller was the New York private equity firm Apollo Global Management.
The portfolio comprises 12 logistics properties located between Lille and Marseille ranging from 200,000 square feet to more than 700,000 square feet. The assets are 98 percent let to five tenants including third-party logistics providers.
Jeremy Plummer, chief executive officer of CBRE Global Investment Partners, said: “We believe the weight of capital in the European real estate market chasing logistics assets will drive further yield compression making this a particularly attractive sector to invest in.”
“The Nautilus portfolio has strong property fundamentals – high occupancy rates, a lack of supply where these assets are located and knowing that one of our major tenants considers these sites as part of their long term business plan. We expect the portfolio to deliver a strong income return for our investors.”
CBRE GIP currently managed $12.9 billion in assets as of June 30, 2015.