King Street and Bowery Expand Pan-European Last-Mile Logistics Real Estate Platform

Recently launched, fully-integrated platform has acquired 10 assets across five markets in France and Germany

LONDON, June 28, 2023 /PRNewswire/ -- King Street Capital Management ("King Street"), a leading global alternative investment firm, and Bowery, an investment and asset management firm specializing in European logistics real estate, have expanded their portfolio of last-mile urban logistics assets through Voyage, their joint venture. The recently launched platform, which focuses on liquid markets in France, Germany and the Netherlands, includes 10 assets totaling 1.3 million square feet across five markets.

Paul Brennan, Managing Director, Co-Head of Real Estate at King Street, said, "We are pleased to partner with Bowery and launch this pan-European last-mile platform to address the supply-demand imbalance in the sector and expand in core European markets. Following the market dislocation last year, we are looking to capitalize on the price correction in the space, despite strong secular tailwinds and embedded downside protection in aggregating last mile assets."

As part of the platform, King Street's European Real Estate team is working closely with Bowery, founded by Jean-Marie Caillon, who, as a former Logicor Managing Director for acquisitions in Europe, leads a team of seasoned logistics real estate professionals in charge of sourcing, acquiring and managing the assets on behalf of Voyage.

"Beyond e-commerce's continued growth calling for efficient logistics solutions, we've seen supply chains respond to international challenges by onshoring operations and near-term inventories, further putting a strain on the available stock of logistics assets," added Caillon. "As this market dynamic continues, we believe there is ample opportunity to support the European logistics sector leveraging Bowery's deep operating experience combined with King Street's underwriting expertise and execution capacity."

Voyage seeks to address an undersupply in the target regions and capture market rental uplift through proactive asset management and refurbishment with a focus on improving the real estate ESG credentials via a fully-integrated platform. Voyage seeks to capitalize on its ability to provide speed and certainty of execution combined with creative solutions addressing the liquidity needs of vendors. Since its inception, Voyage has acquired assets in Paris and Lille, France, and across various established markets in Germany. Voyage continues to expand its presence through investments in established European logistics centres, strategically growing the portfolio in core liquid markets.

About King Street
King Street is a global alternative investment firm founded in 1995 that manages approximately $22 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify misunderstood and complex investment opportunities across asset classes, up and down the capital structure. For more information, please visit www.kingstreet.com.

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About Bowery
Founded in 2020, Bowery is a pan-European investment and asset management company covering the whole spectrum of logistics real estate. Bowery has offices in London and Paris. For more information, please visit www.boweryeurope.com

Media Contacts
King Street
Prosek Partners for King Street
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Bowery
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SOURCE King Street Capital Management