PORTFOLIO EXPANSION
European logistics and warehouse market a New Frontier for property group
The group has branched out with a warehouse facility in Ireland
New Frontier Properties says it is close to completing a transaction in Germany that will boost its portfolio in Europe. The group, which owns malls in some British cities, has bought a warehouse facility in Ireland, explored opportunities in mainland Europe and is "close to executing a logistics transaction in Germany". "The purchase of the Dublin property and similar pipeline acquisitions provides the group with exposure to the European logistics/warehouse market, enabling the company to benefit from the increase in e-retailing activity across Europe as well as broadening its hard currency exposure," it said. New Frontier Properties reported a profit of £2.481m for the three months to November, down from £2.799m in the prior year. The group said it had refinanced and extended the £108.2m HSBC loan and raised additional capital. The capital will be used to fund shopping centres in Middlesbrough and Burton upon Trent in England, together with the recently acquired warehouse in Dubli...
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