IDI Gazeley Buys Warehouse Portfolio
05 Octobre 2015 - 2:30PM
Dow Jones News
The logistics real-estate arm of Canadian firm Brookfield
Property Partners LP has bought a portfolio of 13 warehouses in the
Netherlands.
IDI Gazeley on Monday said it acquired the properties from Dutch
real-estate fund Eurindustrial NV. The deal, at just under €110
million ($124 million), marks IDI Gazeley's first investment in the
Netherlands, broadening its European presence.
The warehouses are leased to companies including United Parcel
Service Inc. and Canon Inc.
Industrial warehouses in Europe have attracted strong investment
this year as investors, on the hunt for returns, have tuned in to a
growing need among retailers with growing online-delivery
businesses for distribution capabilities.
The investment volume of industrial property was €6.1 billion in
the second quarter, up from around €5 billion in the year-earlier
period, according to broker CBRE.
The increasing level of investment has steadily pushed returns
lower. In Europe, the capitalization rate—a measure of yield—for
industrial property in the third quarter was 6.6%, having fallen
consistently each quarter from 8.1% in the second quarter of 2013,
according to Real Capital Analytics.
"We have seen strong demand" for this and other logistics
portfolios, said Pat McGillycuddy, chief executive, Europe and
China, at IDI Gazeley.
Increased investment into real-estate assets around the world
has sparked concerns that the market for offices, shopping centers
and warehouses could be overheating.
Brookfield isn't the only global real-estate investor to expand
its footprint in European warehouses. Blackstone Group LP created a
logistics arm, Logicor, in 2012 to buy up European logistics sites.
Last year the group more than doubled the size of its portfolio to
over €2 billion.
IDI Gazeley has warehouse holdings valued at over $3.6 billion
in North America, Europe and Asia, with 57 million square feet of
assets under management. It operates in seven counties in Europe,
and is planning to continue acquiring assets in the Netherlands and
elsewhere, Mr. McGillycuddy said.
Write to Art Patnaude at art.patnaude@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 05, 2015 08:15 ET (12:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
United Parcel Service (NYSE:UPS)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
United Parcel Service (NYSE:UPS)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024