PATRIZIA buys pan-European logistics portfolio for €1.2b

PATRIZIA AG, the global partner for pan-European real estate investment, announces that it is acquiring a pan-European portfolio of 42 logistics assets from BentallGreenOak for approximately €1.2 billion ($1.33 billion) on behalf of a logistics fund, backed by a club of institutional investors, comprising PFA Pension in Denmark and Public Officials Benefit Association in South Korea, as well as PATRIZIA Logistik-Invest Europa II. Of the 42 acquired assets, 39 are yielding properties as well as three forward purchased new logistics developments in Italy and Spain which are partially pre-leased.

Located in France, Spain, Italy and the Netherlands, the portfolio comprises more than 1.4 million square meters (15 million square feet) of existing leasable area as well as a further 138,000 square meters (1.5 million square feet) of leasable space for the three developments in Italy and Spain.

The properties are located in Europe’s key logistics corridors and are close to