€3b JV announces €70m deal and opens France office

The Boreal IM & Cadillac Fairview Joint Venture has expanded into Spain and France with two acquisitions totaling €70 million ($76 million).

Two warehouses and developable land have been acquired in Barcelona’s third ring, Girona, while a 17-hectare (42-acre) site, which includes a 42,600-square-meter (459,000-square-foot) existing warehouse and development land, has been acquired on the outskirts of Paris.

Xavier Aubrun, acquisitions vice president, and Sebastian Hansen, head of asset management, are based in Paris, the first members of the 18-member firm in Continental Europe. Boreal IM also plans to have a local presence in the Netherlands and other strategic locations in the near future, strengthening access to networks and off-market opportunities in its target geographies.

The joint venture has now completed acquisitions in four of its six target locations since its 2022 formation, having completed previous asset purchases in the UK and the Nether