Swiss Life Asset Manager (AM) has purchased 188,000 sqm portfolio of pan-European logistics assets from Barings, the affiliate of Massachusetts Mutual Life Insurance Company, for an undisclosed amount.
Swiss Life AM said the purchase helped it diversify the portfolios of two of its funds: ESG European Thematic Income & Growth and ESG European Industrial & Logistics.
The investment includes 10 logistics assets across Germany, France, Italy and Spain and is fully let to a range of occupiers with a weighted average lease time of 8.6 years. The sale provides investors exposure to a high performing sector of the market, with 55% of the portfolio comprised of cold storage logistics, which is set to grow in the coming years.