Ontario Teachers' Pension Plan and Boreal IM Acquire Four Assets Totalling 195,000 sqm in France and Germany

London: Ontario Teachers' Pension Plan (“Ontario Teachers’”) and Boreal IM joint venture (“JV”) have announced the acquisition of a 149,000 sqm portfolio of three, fully let logistics assets in Paris, France, and a 46,000 sqm warehouse in the Ruhr region of Germany.

The French acquisition marks the JV’s third significant investment in the country in the last two years. The portfolio in France now stands at 388,000 sqm. The newly acquired portfolio comprises:

• Bussy Saint Georges: An 84,000 sqm asset on the A4 motorway, 30km east of Paris, fully let to a major retailer as its main logistics and e-commerce distribution centre.
• Lagny-le-Sec: Spanning 42,000 sqm, this facility is located north of Paris on the N2 motorway, 18km from the CDG Airport, and serves as the main logistics centre for a listed industrial manufacturer which has its factory nearby.
• Canly: A 23,000 sqm logistics centre located on the A1 between Paris and Lille and fully let to a listed information management tenant who uses the asset to fulfil contracts for clients located in the Paris region.

In Germany, the JV has acquired a 46,000 sqm warehouse located 20 kilometers south of Dortmund, with excellent connectivity to Cologne, Düsseldorf and the wider Ruhr region, bringing the total size of the German portfolio to 165,000 sqm. It has a flexible layout with the possibility of accommodating one to five tenants and features 97% warehousing space, 39 loading doors, and LED lighting throughout.  

The asset is let to a leading German third-party logistics provider (3PL) and offers stable rental income. The Ruhr is one of the top ten global economic clusters and availability of modern warehousing in the region is very limited.

Jenny Hammarlund, Senior Managing Director, Real Estate at Ontario Teachers’ Pension Plan, said: "The acquisitions further our strategy to build a portfolio in the strongest markets across Europe. These assets are in prime locations and benefit from attractive, long-term supply and demand dynamics. They also offer opportunities to create additional value through active management, strengthening our ability to deliver portfolio diversification and sustainable returns. "

Nikos Koulouras, Partner at Boreal IM, said: “This transaction highlights our capabilities in finding opportunities for value creation through focused, high-impact capex and significant embedded reversionary potential. The Paris market is key for our JV and we are confident that our French portfolio is well-positioned to drive outperformance.”

James Farmer, Partner at Boreal IM, commented: "We continue to have strong conviction about the supply-demand dynamics and outlook of the German logistics market. This asset’s prime location, high-quality institutional specifications, and significant rental upside potential align perfectly with our investment strategy."

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners. 

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn. 

About Boreal IM

Boreal is a pan-European investment management firm founded by its Partners, who on average bring over 18 years of industry experience across all sectors, geographies and transaction types. It is supported by a highly motivated and aligned team of skilled professionals focused on acquisitions, asset management and finance. It is headquartered in London and has staff in France in the Netherlands.

Boreal analyses macroeconomic trends and paradigm shifts to identify thematic investment opportunities across Europe. Boreal’s current investment focus is logistics and light-industrial properties across Europe. Boreal is focused on assets across core European locations where fundamentals support the competitive demand for logistics, targeting properties across the spectrum, from standing assets to ground-up development. 

Leveraging the team’s experience, market knowledge and established networks, Boreal aims to create and to drive long-term value for its investment partners in a sustainable and responsible manner.

Contact Details

Ontario Teachers’
Henrietta Dehn/ Alisha Prakash
media@otpp.com

Kekst CNC
otpp@kekstcnc.com

Montfort Communications/Boreal IM
Mcloughlin@montfort.london
+44 7879994009