CBRE Investment Management, on behalf of the European Co-Investment Fund (ECF) has sold its 85 percent share of a 7.6 million-square-foot U.K. logistics portfolio to Prologis, the firm’s joint venture partner for this portfolio.
The U.K. Logistics Venture (UKLV) was formed in 2017 between CBRE Investment Management and Prologis to develop and own £1 billion (€1.2 billion/$1.4 billion) of U.K. logistics assets. Prologis retained 15 percent of the seed assets and development pipeline.
The seed portfolio consisted of 16 logistics parks with a GLA of 2.5 million square feet located in some of the leading logistics destinations in the United Kingdom - the Midlands, the Southeast and London. In four years, the portfolio has grown to 7.6 million square feet and comprises 40 assets of which the majority of the assets are now stabilized or pre-let.
“The business plan for this joint venture was to hold the assets for a four-year term and then exit. Working with a p
