Distribution specialist Gazeley has confirmed that it has sold a portfolio of nine continental properties to Curzon Global Partners.
A spokesman for Curzon said that the purchase was “on behalf of two major investor clients, for an undisclosed amount.”
The nine properties in Germany, France and Belgium comprise 1.9m sq ft of space, and are all let to single tenants.
Five were constructed in the last fifteen months and the remainder are under construction.
Gazeley, a subsidiary of US retail behemoth Wal-Mart, claims that the transaction is Europe’s largest-ever multi-national logistics deal.
Peter Gomersall, Gazeley’s Managing Director for Germany & Italy, said: “Rarely does an investment opportunity of this scale become available and this was reflected in the high number of significant bids received from international investors.”
Curzon Global Partners’ Head of Acquisitions, Rob Reiskin, added: “We have bought from them in the past, and Gazeley had confidence in our ability to perform.
“We are pleased that our clients will benefit from exposure to prime product in this attractive asset class.”
Jones Lang LaSalle advised Gazeley.
References: EGi News 09/08/05
