Dream Industrial REIT acquires pan-European logistics portfolio for €882m

Dream Industrial REIT, through its wholly owned subsidiary, Dream Industrial Europe Advisors Cooperative UA, has announced the acquisition of shares of a corporation that owns a portfolio of 31 institutional-quality logistics properties from Clarion Partners Europe.

The portfolio, which has been amassed by Clarion over the past four years, totals more than 827,000 square meters (8.9 million square feet) across six European markets. The value of the assets totals €882 million ($1.05 billion), representing a going-in capitalization rate in the low 4 percent range, including excess land. By value, approximately 90 percent of the 31 properties is located in Germany, the Netherlands, France and Spain, with one property in each of Slovakia and the Czech Republic. The portfolio includes significant excess land totaling 95,000 square meters (1.0 million square feet), providing longer-term intensification opportunities.

The portfolio is 100 percent leased to a range of high-q