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Brookfield’s IDI Gazeley buys European logistics warehouse assets

IDI Gazeley, a.k.a. Brookfield Logistic Properties, has acquired three class-A logistics warehouse assets in Europe totaling 1,000,000 square feet (97,400 square metres). The financial terms of the transaction were not disclosed. The portfolio of assets are located in Germany, France and Italy. The U.K.-based IDI Gazeley was last year purchased by commercial real estate platform Brookfield Property Partners, an affiliate of Toronto-based Brookfield Asset Management, from a unit of state-owned Dubai World.

PRESS RELEASE

IDI Gazeley confirms the acquisition of three class-A logistics warehouse assets in Europe totalling 1,000,000 sq ft (97,400 sq m)

The portfolio includes assets in Germany, France and Italy

Deal follows the acquisition earlier in the year of a 281,000 sq ft (26,130 sq m) logistics warehouse asset at G.Park Wakefield Europort in the UK

Takes the total operating portfolio to 6,635,690 sq ft (616,500 sq m) comprising 25 assets across Europe

LONDON, 8th October 2014 – IDI Gazeley (Brookfield Logistics Properties), a leading global investor and developer of logistics warehouses and distribution parks, has today announced the acquisition of three class-A logistics warehouse assets in Europe totalling 1,000,000 sq ft (97,400 sq m).

The deal confirms IDI Gazeley buying out the remaining 90% shareholding in the existing joint venture arrangement with CalEast to take 100% ownership and control of a portfolio comprising of 3 assets in Germany, France and Italy.

The three properties were developed by IDI Gazeley in a joint venture with CalEast previously between 2006 and 2008 and include:
A 57,105 sq m (615,000 sq ft) warehouse located at Magna Park Monticelli, close to Piacenza, a prime logistics hub north of Milan, Italy.
A 19,486 sq m (210,000 sq ft) warehouse situated in Fos, adjacent to the container terminal at the Port of Marseilles, France
A 20,827 sq m (224,000 sq ft) warehouse located in an established logistics location to the North of Frankfurt, Germany

The portfolio has a strong occupier base with customers including UPS, Whirlpool, Scerni Logistics and VanEupen Logistiks.

Commenting on the deal, IDI Gazeley Chief Acquisitions Officer Nick Cook said “The CalEast portfolio represents an attractive opportunity to expand IDI Gazeley’s operating portfolio with assets that are well known to us and already partly owned by the business. Our inherent knowledge of those assets and their customers gives us significant value-add potential”

Going on to say “This deal further reinforces the strides we are making to expand our platform and breadth of offering to our fast expanding customer base. We look forward to making further announcements in due course as we grow our operations and provide an improved service and range of solutions to our existing customer base”

The acquisition takes the total number of assets currently under management by IDI Gazeley Europe to 25 (6,635,950 sq ft; 616,500 sq m) up from 22 (5,587,658 sq ft; 519,100 sq m) previously.

For further information please contact:

Nick Brown
IDI Gazeley Press Office
T: +44(0)207 901 4455
M: +44(0)7590 076105
E: nick.brown@brookfieldlogistics.com

Photo courtesy of IDI Gazeley