
Our Market Outlook
What's driving our decision-making?
> Reshoring, nearshoring, and friendshoring, resulting from shifting trading patterns and trading partners driving occupier demand
> European growth levels are gradually returning to the long-term trend. We are mindful of the drag stemming from trade policy uncertainty, but encouraged by Germany’s unprecedented fiscal package which should boost long-term growth in Europe’s largest industrial market
> E-commerce penetration is slowly rising again across Europe which, when combined with positive GDP growth, leads us to expect increased take-up levels in the second half of 2025 and into 2026 and 2027
> Industrial supply in our target infill markets remains severely constrained, a trend we expect to become more acute once leasing velocity picks up again
> With pricing 20-30% below the last historic peak and a growing list of sellers, we feel confident about the investment opportunity ahead
> Our focus is on opportunities with multiple levers for value creation: through both investment discipline and asset management opportunities, underpinned by our sector and geographic knowledge
Boreal on the Ground
Strong leasing performance
We're maintaining robust occupancy levels despite headwinds given our focus on supply-constrained locations with over 87K sqm of leasing achieved in H2 2024, including:
> 20k sqm new lease in Bochum, Germany (first photo)
> 10k sqm in the Port of Rotterdam, Netherlands
> 22k sqm in Angers, France
> 35k sqm in our new, BREEAM Excellent warehouse in Alcalá de Henares outside Madrid (second photo)
Breaking ground on new development
Our development team has been busy with new projects:
> Starting construction on the 16k sqm extension for rapidly growing online sports retailer TradeInn's headquarter in Girona, Spain
> Ground-breaking for a 56k sqm BREEAM Excellent warehouse in Monticelli, outside Milan, following the €150 mn acquisition in 2023 of four Italian warehouses and development land
Read more about our portfolio here.
Boreal Out and About
Founder and CEO Louis-Simon Ferland is "Sticking with sheds"
CEO Louis-Simon was interviewed by IPE Real Assets in an article titled "Sticking with sheds: The founder and CEO of Boreal IM reveals how logistics investors can still find opportunities in an economically depressed, over-regulated European market."
Read here, or hit reply to request a PDF copy.
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CFO Peter Bingel participated in the logistics panel at DLA Piper's Real Estate Summit in London.
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Xavier Aubrun quoted in Business Immo's French logistics deep-dive
Our Principal in France, Xavier Aubrun, was quoted in Business Immo's French logistics deep-dive: "Logistics still offers the best tailwinds and prospects for value creation in French real estate."
Read here, or hit reply to request a PDF copy.
Boreal Off the Clock
And finally, happy birthday to us!
Boreal was founded in February 2022, and every year since then we've had a birthday party with the team to celebrate our progress. This year, we also had a new hire and five promotions to celebrate – all members of the team who were with us right from the start.


