GreenOak buys 22 logistic properties in France & Spain.

New York based GreenOak has announced the acquisition of 22 logistics assets in France and Spain adding 720,000m² to its European logistics platform.

In France, the fund has acquired 20 logistic properties located around the main hubs along the north-south primary logistics corridor between Paris, Lyon, and Marseille.  The properties tenants include Carrefour, Easydis, CDiscount, and Dachser. In Spain, the group has bought 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.

The deal reflects the logistics strategy of their «Europe Fund II» which focuses on acquiring assets in Europe’s key logistics nodes. The fund can invest over €900 million of equity into European real estate assets and, after the latest 22-asset deal, manages 2.2 million square meters of logistics assets (including their development pipeline).

GreenOak’s European logistics portfolio includes properties in France, the Netherlands, Italy and Spain with an average size of 37,000m² per asset, located primarily in key gateway logistics nodes and capital cities of Europe with a diversified list of high quality tenants.

According to John Carrafiell, co-founder of GreenOak «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.»

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