HighBrook Investors has agreed a deal with StepStone Real Estate for the recapitalisation of a sub-portfolio of CityLink logistics assets.
The assets are located in the Netherlands and are rumoured to be worth €500m. The majority of the portfolio is located in Rotterdam and Amsterdam and includes Merwedeweg 4, Rotterdam, Drachmeweg 151, Nieuw-Vennep, and De Steiger 139, Almere. The assets form part of the CityLink last-mile platform, which totals 140 warehouses across the Netherlands, Germany and Denmark.
StepStone Real Estate, the real estate arm of New York-headquartered StepStone Group, is considered to be among a small number of so‑called “super investors” in property with the ability to provide growth capital to general partners. In 2025, StepStone Real Estate allocated $15bn to more than 50 real estate funds and delivered $2.6bn of equity to 15 GP‑led secondary and co‑investment transactions. In January this year, it followed up with the launch of the S‑Core platform as an expansion of its global core and core‑plus investment strategies.
Robert Giusti, partner and CIO of HighBrook who oversees the firm’s European business, said: “We have known the SRE team for years and have always thought highly of them. We are pleased to have found an opportunity to work together and are excited to grow the relationship further.”
Josh Cleveland, partner and head of EMEA at StepStone Real Estate, added: “This investment exemplifies the S‑Core platform opportunity.”
The capital will help CityLink with its next phase of growth, including acquisitions, asset enhancement initiatives and further expansion within core last‑mile logistics markets. HighBrook will continue to oversee the strategic direction and day‑to‑day management of the portfolio.
The structuring of the transaction is similar to a deal HighBrook made in February with New York investment firm Neuberger Berman, which bought a minority stake in a portfolio of 23 Dutch CityLink assets. The value of that deal was not disclosed, but sources said it implied a value of €300m.
Advisers on the StepStone transaction include White & Case, Loyens & Loeff, Latham & Watkins, Deloitte and BNP Paribas Real Estate Netherlands.
