Ontario Teachers’ Pension Plan and Boreal IM’s logistics joint venture adds 64,000 square metres to Germany portfolio

• Ontario Teachers’ and Boreal IM’s Logistics JV has closed on two German transactions, which fulfil the JV’s strategic objectives of building a prime portfolio in key German markets and takes the overall footprint in the country to 107,000 sqm
• Ontario Teachers’ partnered with Boreal IM in 2022 with the aim of assembling a diverse pan-European logistics portfolio. The JV’s portfolio now stands at 1.1 million sqm across the UK, Germany, France, Netherlands, Italy and Spain

Ontario Teachers’ Pension Plan (“Ontario Teachers”) and Boreal IM’s logistics JV has completed two investments in Germany totalling 64,000 sqm. The transactions now bring the portfolio’s footprint in the German market to 107,000 sqm and follow an acquisition in Hammersbach last year.

This acquisition is a 37,000 sqm contemporary warehouse in Bochum from Tritax Eurobox plc, which reflects the JV’s strategy of acquiring high-quality properties with reversionary potential in severely supply-constrained submarkets. The asset is modern, built to high specifications and perfect for urban distribution. The JV will also 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, which plans to deliver a 27,000 sqm warehouse in Bornheim, south of Cologne. The site was acquired with a building permit secured, and construction will commence with the aim of delivering the project in Q1 2025. The asset can be subdivided into four units and will be immediately marketed for lease.

Jenny Hammarlund, Senior Managing Director, Real Estate at Ontario Teachers’, said: “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, said: “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.”

Contact Details

Ontario Teachers’
Henrietta Dehn
Henrietta_dehn@otpp.com
+44 7407 795 960

Kekst CNC
otpp@kekstcnc.com

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

About Ontario Teachers’ 

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $249.8 billion as at June 30, 2023. 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 336,000 working members and pensioners. 

With offices in Toronto, London, Hong Kong, Singapore, Mumbai, San Francisco, New York, Dallas, and São Paolo, our more than 400 investment professionals 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 9.4% 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 IM is a pan-European investment management firm headquartered in London and founded in 2022 by four partners, who bring on average 20 years of industry experience across all sectors, geographies and transaction types. The team is made up of 24 motivated and experienced investment, asset management, finance and operations professionals in the UK, France and the Netherlands.

Boreal analyses macroeconomic trends and paradigm shifts to identify thematic investment opportunities across Europe. The current investment focus is industrial and logistics properties across Europe in core European locations where fundamentals support long-term demand for logistics, targeting properties from standing assets to ground-up development.

Boreal generates sustainable value for investment partners by leveraging the team’s collective talent, experience, market knowledge and networks.