AustralianSuper and Oxford Properties Group have teamed up in a move to create a €4.5bn (£3.8bn) industrial and logistics platform across Europe over the next three to five years.
The venture will build on Oxford Properties’ existing €840m European industrial and logistics portfolio, managed by M7 Real Estate. It comprises almost 8m sq ft of urban logistics and distribution warehouse space across 76 assets in the UK, Denmark, France, Germany, the Netherlands and Spain. The portfolio is 90% occupied.
The partnership, which is the first of its kind between the Australian fund and Oxford Properties, is set to expand the existing portfolio, targeting last-mile and mid-box warehouses.
Paul Clark, head of European real assets at AustralianSuper, said: “We believe urban logistics and distribution represents one the most compelling sector opportunities in European real estate today, and have been tracking the sector for several years to find the right portfolio that meets our ambitions, with strong fundamentals and significant growth potential.”
Joanne McNamara, executive vice president and head of Europe at Oxford Properties, added: “We believe there are prospects in this strategy, a major pillar of Oxford’s capital deployment ambitions in the region for 2025, with a pipeline of investment opportunities which we expect to announce in short order.”
The transaction is expected to complete at the end of Q1 and is conditional, among other things, on customary regulatory approvals.
Photo © Oxford Properties
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