German property giant Patrizia is understood to be in exclusive negotiations to acquire a €1.3 bn logistics portfolio from GreenOak's Fund II.
The package, amassed in the past couple of years, encompasses a total of 1.5 million m2 with the majority located in France, Spain and Italy. The properties are expected to change hands before the end of the year, according to press reports.
Patrizia and GreekOak declined to comment.
GreenOak held a final close of its second European Fund, GreenOak Europe Fund II, last year. It raised a total of €656 mln of equity commitments exceeding its target of €500 mln.
The majority of Fund II’s portfolio has been sourced and acquired off-market at discounts to market price and replacement cost and deployed in gateway cities in Europe, namely Madrid, Milan, Barcelona, Paris, as well as Europe’s key logistics nodes.
Greenoak entered the French market in December 2017, acquiring a 225,000 m2 portfolio of French logistics assets. The portfolio comprises four large warehouses purpose-built to institutional standards, located in Paris and other leading logistics nodes in France.
In Italy, Greenoak purchased its first asset in 2016. Since then it has acquired eight logistics assets and development projects totalling over 400,000 m2. All assets are modern logistics properties, located around Milan and Verona.
Greenoak has been an active developer and operator in the Spanish logistics market since 2015 and during 2017, acquired six logistics assets and turn-key developments in Spain totalling 250,000 m2.
GreenOak Real Estate is an independent, partner-owned, real estate-focused investing and lending firm with offices in London, Madrid, Milan, Luxembourg, New York, Los Angeles, Tokyo and Seoul.