The newly created and fully integrated platform has acquired 10 assets in five markets in France and Germany
LONDON, June 28, 2023/PRNewswire/ -- King Street Capital Management ("King Street"), a leading global alternative investment firm, and Bowery, an asset management and investment firm specializing in European logistics real estate, have expanded their portfolio of last-mile urban logistics assets through Voyage, their joint venture. The recently launched platform, which is focused on the liquid markets of France, Germany and the Netherlands, includes 10 assets totaling 1.3 million square feet in five markets.
Paul Brennan, Managing Director and Co-Head of Real Estate at King Street, explained: "We are delighted to partner with Bowery and launch this pan-European, last-mile platform to address the demand-supply imbalance in the sector and expand into major European markets. Following market dislocation last year, we are looking to capitalize on the price correction in the space, despite strong tailwinds and the downside protection built into last-mile asset aggregation."
As part of the platform, King Street's European real estate team is working closely with Bowery, founded by Jean-Marie Caillon, who, as Logicor's former managing director for European acquisitions, leads a team of experienced real estate logistics professionals tasked with search, acquisition and management of assets on behalf of Voyage.
"Beyond the continued growth of e-commerce, which demands efficient logistics solutions, we have seen how supply chains have responded to international challenges by offshoring operations and inventories in the short term, which has put even more pressure on the available stock of assets. logistics," added Caillon. "As long as this market dynamic continues, we believe there are ample opportunities to support the European logistics industry by leveraging Bowery's deep operational experience combined with King Street's underwriting expertise and ability to execute."
Voyage aims to address supply shortages in target regions and capture market rental growth through proactive asset management and renewal with a focus on enhancing real estate ESG credentials through a fully-fledged platform. integrated. Voyage seeks to capitalize on its ability to provide speed and certainty of execution combined with creative solutions that address sellers' liquidity needs. Since its inception, Voyage has acquired assets in Paris and Lille, France, and through various established markets in Germany. Voyage continues to expand its presence through investments in established European logistics centers, strategically growing the portfolio in the main liquid markets.
About King Street King Street is a global alternative investment firm founded in 1995 that manages approximately $22 billion in assets across public and private markets. The firm combines rigorous fundamental analysis with tactical trading and differentiated research capabilities to identify complex and misunderstood investment opportunities across asset classes and across the entire capital structure. For more information, visit the website www.kingstreet.com.
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About Bowery Founded in 2020, Bowery is a pan-European investment and asset management firm covering the entire logistics real estate spectrum. Bowery has offices in London and Paris. For more information, visit www.boweryeurope.com
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