US-based CBRE Investment Management has agreed to acquire a 28.4 million square-foot portfolio of logistics properties in the United States and Europe valued at $4.9 billion from Hillwood Investment Properties.

The deal represents one of the largest sales ever of industrial property.

“The portfolio includes 33 U.S. assets, totaling 19.2 million square feet, and 24 assets across Germany, Poland and the United Kingdom, totaling 9.2 million square feet,” said CBRE Investment Management.

“The transaction is subject to customary closing conditions and CBRE Investment Management expects to close on the assets in stages through its investment products in the U.S. and Europe.”

CBRE Investment Management CEO Chuck Leitner said: “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients.

“Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.”

CBRE Investment Management is a global real assets investment management firm with $133.1 billion in assets under management as of September 30, 2021, operating in more than 30 offices and 20 countries around the world.

It is a subsidiary of CBRE Group, the world’s largest commercial real estate services and investment firm, based on 2020 revenue.