Cadillac Fairview, Boreal IM invest €250m in warehouses assets

Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan — one of Canada's largest pension funds — and Boreal IM have acquired the Nucleus Estate in Park Royal, West London, and an estate within the Port of Rotterdam for a combined total of €250 million ($269 million).

The companies formed a joint venture earlier this year, focused on major European countries including the United Kingdom, Germany, France, the Netherlands, Spain and Italy. It can invest across the risk spectrum to include standing assets and ground-up developments.

Nucleus, an estate of four warehouses in Park Royal, was acquired from fund manager abrdn. Park Royal is strategically located between London Heathrow Airport and the capital and is London’s premier industrial estate, which houses more than 1,700 businesses. The assets comprise a total of 131,000 square feet and are fully leased to a diverse range of occupiers.

In Rotterdam, the joint venture has acquired an e