A logistics portfolio comprising three warehouses in three EU countries has been acquired by investors from South Korea for €400 mln.
The identities of the buyers were not disclosed.
The assets are located in Spain, France and the UK. They are described as state-of-the-art logistics platforms with comprehensive digital functions. The purchase was done on a sale and leaseback basis.
Financing for the deal totalling €240 mln across five years was provided by German real estate lender Aareal Bank, with Knight Frank Investment Management acting on behalf of the buyer.
Christof Winkelmann, who sits on Aareal Bank's management board, said: ‘We are pleased about the trust Knight Frank Investment Management (KFIM) has put in us. This exposure underlines our expertise in financing complex cross-border pan-European logistics portfolios. It especially proves our ability to implement technological trends together with our clients.’
Ric Crane, a partner at KFIM: ‘We are delighted to have worked with Aareal on this complex €400 mln sale and leaseback portfolio acquisition on behalf of South Korean investors. KFIM now manages 13 assets for a range of South Korean investors totalling over €1.7 bn.’