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King Street and Bowery’s Voyage Platform Expands Across European Last-Mile Logistics Markets

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12 hours ago

September 19, 2024

LONDON, Sept. 19, 2024 /PRNewswire/ — Voyage, the last mile logistics platform launched by King Street Capital Management (“King Street”) and Bowery, today announced it now spans over 2 million square feet across Germany, France and the Netherlands. This follows the recent acquisition of Vaihingen, Voyage’s latest asset in Germany.

Voyage has grown steadily into core European markets such as Paris, the German Rhein-Ruhr region and Eindhoven. The Vaihingen acquisition marks the second in the Stuttgart region since December 2022 and the eighth in Germany since April 2023. It follows Voyage’s debut acquisition in the Dutch market earlier this year.

“Voyage seeks to capitalize on the experience of the King Street and Bowery teams, leveraging sector expertise and skill managing logistics portfolios,” said Paul Brennan, Partner and Co-Head of Real Estate at King Street. “With a healthy pipeline, we look forward to continuing to scale Voyage to further develop its presence in top-tier last-mile logistics hubs.”

The platform seeks to benefit from a combination of price correction in the sector and resilient occupier demand in the target markets. The team believe its nimble and disciplined approach will help Voyage identify acquisition opportunities for functional assets located in the most liquid markets. Bowery has made significant progress with the implementation of accretive asset management initiatives, such as the overall refurbishment of the warehouse space and installation of LED lights to improve the platform’s carbon footprint. Voyage is also investing capex across the portfolio with a goal of achieving a 60% reduction in energy consumption as well as leading-edge ESG credentials to extend the life cycle of its assets.

“As we see market sentiment improving, we are confident in the foundations of the Voyage platform and are excited about the future growth of the portfolio,” said Jean-Marie Caillon, CEO of Bowery. “We believe our international investment culture together with our presence on the ground in each market, provides a strong and comprehensive resource to our investors.”

About King Street Capital Management
King Street Real Estate, the real estate investment division of King Street Capital Management, specializes in equity and debt investments in disrupted markets and complex situations. Since its inception, King Street has completed transactions totaling $15 billion in real estate securities and real estate-related investments.

Founded in 1995, King Street is a global alternative investment firm with over $26 billion in assets under management across both public and private markets. The firm combines rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify complex and misunderstood investment opportunities across asset classes, up and down the capital structure.

For more information, please visit www.kingstreet.com.

Follow King Street Capital Management and King Street Capital Real Estate on LinkedIn.

About Bowery
Founded in 2020, Bowery is a pan-European investment and asset management company covering the whole spectrum of logistics real estate. Bowery has offices in London and Paris. For more information, please visit www.boweryeurope.com