Patrizia AG agreed to acquire a European logistics portfolio spanning more than 1.5 million square meters of lettable space from Bentall Kennedy (U.S.) LP for around €1.2 billion.
The portfolio comprises 42 properties across France, Spain, Italy and the Netherlands. Thirty-nine of the assets are yielding properties, while the remaining three are forward-funded developments that are partially pre-let. The seller acquired the logistics properties between October 2016 and February 2019.
More than 30 tenants from the e-commerce, manufacturing and third-party logistics sectors occupy the assets. They include Carrefour, Aldi, Dachser, DHL, Easydis and Geodis. The portfolio's overall weighted average unexpired lease term is more than seven years.
The German investment manager acquired the assets on behalf of a logistics fund backed by institutional investors including PFA Pension in Denmark and Public Officials Benefit Association in South Korea as well as PATRIZIA Logistik-Invest Europa II.