Carlyle and ARA Dunedin buy £102m logistics portfolio
Carlyle and ARA Dunedin have acquired a portfolio of logistics assets in the UK from Moorfield Real Estate Fund IV, for £102m.
The firms, which set up a joint venture in March earlier this year, bought 11 distribution logistics assets with a total lettable area of 1m sq ft.
The properties are located in the South East and North West regions, and are fully leased.
Carlyle and ARA Dunedin have acquired a portfolio of logistics assets in the UK from Moorfield Real Estate Fund IV, for £102m.
The firms, which set up a joint venture in March earlier this year, bought 11 distribution logistics assets with a total lettable area of 1m sq ft.
The properties are located in the South East and North West regions, and are fully leased.
Equity for the investment came from the Carlyle Europe Realty platform, Carlyle’s pan-European real estate strategy, and ARA Dunedin.
The transaction builds on the joint venture’s nine-asset UK distribution logistics portfolio, acquired earlier this year.
CER said European logistics remained a “core focus”, given the sector’s resilience and wider growth in e-commerce.
Anssi Halonen, managing director on the Carlyle Europe Realty advisory team, said: “The portfolio consists of highly complementary assets to our existing footprint, and the acquisition exemplifies our strategy of identifying well-located assets in the European distribution logistics market, which continues to be an asset class with attractive fundamentals and benefitting from strong structural trends.”
Chris Perera, senior investment manager at Moorfield Group, said: “At Moorfield we are always looking for demographic, societal, technological and other trends that are driving consumer behaviour, and having identified those underpinning the growth of the logistics sector many years ago it has been, and will continue to be, a key part of our investment strategy.
“Alongside this we have undertaken a programme of value-enhancing initiatives, significantly improving the income characteristics and profile of the portfolio, culminating in this strategically timed disposal.”
Carlyle and ARA Dunedin were advised by Bryan Cave Leighton Paisner, CBRE, CMS, Deloitte and Howden for this transaction. Moorfield was advised by Womble Bond Dickinson, Savills and PwC.
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