AXA Investment Managers – Real Assets said it agreed to acquire a portfolio of 39 predominantly logistics assets spread across five European countries from Gramercy Property Europe for €1 billion.

Predominantly concentrated in Germany, the Netherlands and France, with a 10% holding in the UK and Poland, all assets within the portfolio benefit from prime locations along major national and international transportation hubs or are in selected locations that are important for their tenants.

The portfolio spans four asset classes, with logistics comprising 86.5% of the total, while the balance of the portfolio is spread across retail, car dealership and office assets.

Laurent Jacquemin, European Head of Transactions at AXA IM – Real Assets, said: “This significant transaction illustrates AXA IM – Real Assets’ commitment to the logistics sector and substantially strengthens our foothold across target European markets which offer attractive opportunities in this space.

“The potential of the logistics market remains highly compelling as a result of the undersupply of prime stock in Europe coupled with demand for assets continuing to be bolstered by e-commerce, convenience shopping and evolving trends in the supply chain.

“We look forward to fully integrating this portfolio into our wider logistics platform and aim to generate long-term, stable income flows for our clients.”