CBRE unit to buy warehouses in U.S., Europe in $4.9 bln deal

CBRE Investment Management said on Tuesday it would purchase several logistic assets from Hillwood Investment Properties in a deal valued at $4.9 billion, making it the latest company to capitalize on demand for warehouses.

Storage space requirement, especially from e-commerce firms including Amazon.com Inc , has seen a jump as the pandemic has prompted consumers to switch to online shopping.

The deal includes 33 assets in the United States and 24 assets across Germany, Poland and the United Kingdom and will close in stages, CBRE Investment Management, a unit of CBRE Inc, said.

The transaction will add 28.4 million square feet to the company's logistic property portfolio, it said.

Dallas-based Hillwood Investment Properties is an industrial real estate firm founded by former U.S. Air Force pilot Ross Perot Jr.