LONDON, Sept. 24, 2018 /PRNewswire/ -- Real estate investor GreenOak announced today the purchase of 22 logistics assets in France and Spain totalling 720,000 square meters. The investments reflect GreenOak's strategy to acquire assets in Europe's key logistics nodes and form part of GreenOak Europe Fund II, which closed at €656 million of equity and, alongside co-investment capital, enables GreenOak to invest over €900 million of equity into European real estate assets.
The French investments, acquired through two portfolio transactions, comprise 20 warehouses and cold storage assets, primarily located around the main hubs along the north-south primary logistics corridor between Paris, Lyon, and Marseille. GreenOak has a diversified group of leading French businesses as tenants, including Carrefour, Easydis, CDiscount, and Dachser.
The Spanish investments comprise two cold storage assets located in the core Spanish logistics markets around Barcelona and Valencia. The properties are modern logistics assets, fully leased to a leading Spanish company in the food logistics sector.
These latest acquisitions take Fund II's continental European logistics platform of assets and development projects to approximately 1.8 million square meters and GreenOak's total investment in the European logistics sector to approximately 2.2 million square meters.
GreenOak's European logistics platform holds assets in France, the Netherlands, Italy and Spain. These are predominantly large (average size 37,000 square meters per building) modern facilities, located primarily in key gateway logistics nodes and capital cities of Europe with a diversified list of blue chip tenants and customers. With over 285,000 square metres of assets in the near-term development and planning process, GreenOak is recognised as one of the most active players in the continental European logistics market.
John Carrafiell, co-founder of GreenOak commented, "Large, well-located, modern and high-quality logistics facilities are the key real estate asset for today's economy. With continental Europe lagging behind the USA and the UK in the provision of these facilities, the fundamentals driving occupier demand are strong. By focusing exclusively on such facilities, our team and its partners can serve the needs of a diverse range of companies in the sector who are growing and seek quality space in the right location. With few competitors able to be effective across continental Europe's largest economies, GreenOak's significant presence and development activity positions our platform well as a leading investor and developer in the sector."
GreenOak Real Estate ("GreenOak") is an independent, partner owned, real estate focused principal investing and lending firm that seeks to provide strategic advice and create long-term value for its clients and investors.
Since 2011, GreenOak has raised $8.3 billion of discretionary equity from institutional investors for real estate equity investment and lending in Europe, the US and Asia, and has acquired over $13.4 billion of assets, with approximately $9.9 billion of gross assets under management currently.
GreenOak has offices in London, Madrid, Milan, Luxembourg, New York, Los Angeles, Tokyo, Seoul and Mumbai, with over 100 professionals in dedicated local teams having local knowledge, experience and extensive networks in each market.
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SOURCE GreenOak Real Estate