Private equity giant Carlyle has acquired a portfolio of three distribution logistics assets in Germany from Nuveen Real Estate and Palmira for an undisclosed sum
Global investment firm The Carlyle Group today announced that it has acquired a portfolio of three distribution logistics assets in Germany from Nuveen Real Estate and Palmira.
The portfolio comprises three high-quality assets strategically located near the major urban and trade areas of Munich, Hanover and Ulm. In aggregate, the portfolio totals 51,800 sq m of space and is 100% occupied.
Equity for the transaction came from Carlyle Europe Realty (CER), a €540 million pan-European real estate fund. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany. Today’s announcement represents the platform’s first add-on acquisition. The additional assets strategically complement the existing portfolio and significantly increase the platform’s footprint in the German urban logistics segment.
The European logistics space has been a key focus for CER since 2016. While the sector has enjoyed rapid growth in recent years, the Covid-19 pandemic has accelerated this with higher delivery volumes resulting from the continued shift towards e-commerce.
Erik Orbach, Director on the Carlyle Europe Realty advisory team, said:’We are delighted to make the first addition to our German logistics platform. The three assets are well-located, high quality and complementary to our existing assets. They further grow our exposure to what is an attractive and fast-growing segment of real estate. We remain active in continuing to identify and acquire additional logistics opportunities across both Germany and France.’
The transaction follows a busy period for the Carlyle Europe Realty fund, which included the sale of CER’s Northern Italian logistics platform for €270 million in December 2020. In February 2020, CER sold its previous French logistics platform, Hub&Flow.
Carlyle was advised by DLA Piper (legal), PMJL (technical), PWC (tax) and CBRE (commercial). Nuveen Real Estate and Palmira were advised by GvW (legal), Drees & Sommer (technical), EY (tax), Nova-Ambiente (environmental) and Colliers (broker).
About The Carlyle Group:
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents.
Source: Market Screener
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