Madison International acquires stake in 30-asset European logistics portfolio
Madison International Realty has acquired a stake in a 30-asset European logistics and light industrial portfolio alongside local partner, Cairn Real Estate, investing through its specialist Dutch logistics vehicle, the Gateway Fund.
Madison has initially invested €22.5 million ($26.64 million), which will increase to €50 million ($59.2 million) over the coming 18 months and give Madison a significant stake in the portfolio.
Approximately 90 percent of the portfolio by value is situated in The Netherlands, along major transit corridors and adjacent to key population centers. The remaining properties are located on similarly well-connected sites in Germany. The portfolio has a 99.3 percent occupancy rate with international tenants.
The modern logistics and light industrial portfolio has an average construction year of 2005, with 80 percent of the assets built-to-suit for single tenants with distinct specifications and fit out requirements. One example is a 31