CB Richard Ellis advises AEW Europe in purchase of 119.7 million property portfolio

LARGEST PAN-EUROPEAN INDUSTRIAL PORTFOLIO TRANSACTION THIS YEAR
CB Richard Ellis announced that it has acted on behalf of CCPII fund, managed by leading European Real Estate Investment Manager AEW Europe on the acquisition of a portfolio of 7 modern logistics assets located in The Netherlands and Germany.

The properties, covering a total floor area of 2,465,000 sq ft (228,990 sq m) were sold by Prologis European Properties, Europe’s largest owner of industrial distribution facilities, for €119.7m.

The portfolio, comprising grade A logistics, secured by a weighted average lease term of approximately 6 years.

David Turner, Executive Director, Industrial & Logistics, CBRE, said: "CBRE's Cross Border Industrial and Logistics Team were pleased to work with AEW, on what is one of the first large pan European portfolio transactions of 2009. This deal further underlines the relative robustness of the logistics sector.”

While investment activity in the sector contracted last year, reflecting reduced liquidity in the property market as a whole, the contraction has been shallower in industrial and logistics than in the market as a whole. As a result the sector’s share of European real estate investment has risen to 10%, having averaged around 7% in the period 2005-07.

CBRE teams in the UK, The Netherlands and Germany worked in close collaboration to bring the transaction to a successful conclusion, demonstrating the benefit of CBRE's integrated cross border approach to the European logistics sector.