CBRE Global Investors announced the purchase of a portfolio of seven European logistics properties from TH Real Estate, the London based investment management company, for €346 million, or $385.4 million US. The portfolio was sold by Warburg-HIH Invest and TIAA-CREF, which was previously owned by the Warburg-Henderson Pan-Europa Fonds 1 and 3 and TIAA-CREF, according to an IPE report. CBRE Global Investment Partners said it would retain TH Real Estate to manage the portfolio.
Jeremy Plummer, Head of CBRE Global Investment Partners said of the deal: "Logistics is a preferred sector of GIP and finding the right assets and operating partner is key in our search. One of the key attractions of this pan European logistics portfolio was the pre-specification of assets enabling us to underwrite not only our operating partner but also the underlying real estate. We believe the portfolio will deliver an attractive income return for our investors, while our operating partner can also successfully grow net operating income."
Mike Sales, MD, Europe, TH Real Estate, added: "Given the weight of capital in the market seeking exposure to the logistics sector, combining assets to facilitate a portfolio disposal made good commercial sense for both clients with increased scale attracting greater liquidity and a pricing premium. We were successfully able to guide both clients through this process in order to secure an optimal exit solution."
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