CBRE advised funds managed by Castlelake, L.P., a global private investment firm, and its joint venture partner, Melcombe, on the sale of a prime last mile / urban logistics portfolio to real estate funds managed by Blackstone. JLL advised Blackstone.
The Proximity Portfolio comprises 28 last mile, urban logistics assets in some of Europe’s leading cities across France and Germany, totalling 201,923 sqm. The portfolio benefits from strong income diversification with 48 different tenants and a strong focus on last mile assets in the Paris region, with 16 of the 28 properties located in the city. The majority of the tenants comprise third party logistics operators and ecommerce specialists.
James Seppala, Head of Blackstone Real Estate Europe: “France and Germany remain core markets for our European logistics strategy, which is one of our highest conviction investment themes and which continues to benefit from strong e-commerce related demand.”
Tom Kinsley, Senior Director, EMEA Logistics Investment at CBRE: “It’s rare to find an aggregated urban logistics portfolio of such high quality, in respect to the assets, their locations and future growth potential.”