Ontario Teachers’ Pension Plan and Boreal IM‘s Logistics Joint Venture (JV) have finalised deals on two Germany warehouses.
It has bought a 37,000 square-meter contemporary warehouse in Bochum from Tritax Eurobox plc. This reflects the JV’s strategy of acquiring high-quality properties with reversionary potential in severely supply-constrained submarkets.
The Joint Venture will seek to enhance the green credentials of the asset, which already has DGNB Gold certification since its completion in 2018.
The JV has also entered into a forward funding arrangement with Panattoni Germany, for a 27,000 square meter warehouse in Bornheim, south of Cologne. The site was acquired with a building permit secured, and construction will commence with the aim of completion in Q1 2025. The asset can be subdivided into four units and will be immediately marketed for lease.
Ontario Teachers’ partnered with Boreal IM in 2022 in the JV with the aim of assembling a diverse pan-European logistics portfolio.
The Germany warehouses deals take the overall footprint in the country to 107,000 square meters. The JV’s portfolio now stands at 1.1 million square meters across the UK, Germany, France, Netherlands, Italy and also Spain.
Jenny Hammarlund, Senior Managing Director, Real Estate at Ontario Teachers’, says, “We are pleased to see the continued growth of the portfolio in Germany, a key market for us. These assets represent the JV’s success in finding and executing outsized opportunities for value creation in prime markets in Europe.”
James Farmer, Partner at Boreal IM, says, “These acquisitions are strategically important to our portfolio in a market where scale has traditionally been difficult to reach and prime stock is undersupplied. We look forward to increasing our momentum in Germany during 2024.”
