M7 and Centerbridge enter European industrial outdoor storage sector
M7 Real Estate and Centerbridge have teamed up to create a €250m (£208m) European industrial outdoor storage portfolio.
The joint venture has closed one acquisition and signed a second for a total of circa €20m. The assets, which are situated in Paris and the Triangle Region of Denmark, provide around 667,000 sq ft of space.
The jv will continue to target assets with space for the storage of goods, vehicles, building materials, containers and equipment.
M7 Real Estate and Centerbridge have teamed up to create a €250m (£208m) European industrial outdoor storage portfolio.
The joint venture has closed one acquisition and signed a second for a total of circa €20m. The assets, which are situated in Paris and the Triangle Region of Denmark, provide around 667,000 sq ft of space.
The jv will continue to target assets with space for the storage of goods, vehicles, building materials, containers and equipment.
The key investment locations are expected to be in urban areas with high industrial and logistics activity, strong transportation connections and large population catchments across Denmark, France, Germany, the Netherlands and Spain. The jv plans to implement asset management strategies post-acquisition to generate value.
Miles Chuter, director at M7 Real Estate, said: “Industrial outdoor storage is emerging as a high growth sub-sector of the industrial and logistics market in Europe, underpinned by the expansion of e-commerce and consolidation of global supply chains. There has been a level of demand from occupiers for this space in the UK, and we expect European markets to follow a similar trend.
“M7 and Centerbridge have identified an opportunity to be an early mover in this sub-sector in Europe, with ambitions to create a scalable institutional platform.”
Nicolas Papamichael, managing director at Centerbridge, added: “Our experience from existing industrial outdoor storage investments in the US and the UK, alongside M7’s pan-European presence and strong asset management capabilities, positions us well to build a market-leading industrial outdoor storage portfolio in Europe.”
Photo © M7
