CBRE Advises On Sale Of Europe’s Most Geographically Diverse Logistics Portfolio
London, 3 July 2014 – CBRE has advised on the successful sale of the 19-asset Curve Portfolio on behalf of SEB for approximately €350 million to global investment firm, Blackstone and to market leading investment fund management house, Tritax. This is the most geographically diverse logistics portfolio ever sold in Europe.
The 18-strong collection of core logistics assets acquired by Blackstone for €275 million is spread across eight European countries: Austria, France, Germany, Hungary, the Netherlands, Norway, Spain and the United Kingdom.
The final asset in the portfolio, located in Doncaster, England, was a 70,147 sq m warehouse with an average unexpired lease term of over five years, which was sold separately to Tritax for approximately €74 million.
The combined portfolio boasts a total of 504, 444 sq m of lettable space with a rent roll in excess of €24 million per annum across 35 tenancies. The Curve Portfolio assets are held across various funds with three held in Special Purpose Vehicles (SPVs) and 16 as property assets.
James Markby, Head of EMEA Industrial and Logistics Investment, CBRE, commented:
“The Curve Portfolio is the most geographically diverse logistics portfolio to ever be sold in Europe. The interest we received is testament to the high level of investor demand for quality logistics assets across the continent. “We timed the sales to coincide with the uplift in economic sentiment throughout the region, and the return of investor focus on logistics assets in markets previously considered peripheral, including Austria, Hungary, Norway and Spain.”
The complete acquisition, from the start of marketing to exchange of contracts was completed in less than 12 weeks.
SEB is the leading corporate and investment bank in the Nordic countries, serving large corporations and financial institutions with corporate banking, trading and capital markets and global transaction services.