Valor appointed by Apollo as Asset Manager for 230,000 sqm, 24 asset pan-European last-mile logistics portfolio

27 January 2026

High specification, reversionary portfolio is located across major population centres including London, Manchester, Lyon, Marseille, Munich and Dusseldorf

Appointment is strong endorsement of Valor’s vertically integrated model and data-led approach, which has enabled it to grow AUM to €5+bn

Valor Real Estate Partners, Europe’s leading specialist in last-mile logistics, has been appointed by Apollo (NYSE: APO) as Asset Manager for a prime, 230,000 sqm portfolio of infill logistics assets, located across 11 of Europe’s dominant metropolitan centres. Last-mile logistics has delivered strong return outperformance in recent years, supported by the structural tailwinds of e-commerce growth, rapid urbanisation and evolving consumer demand patterns, with limited land availability in major cities set to restrict future supply.

The 24-asset portfolio is a mix of standalone urban warehouses and small urban estates, all located in strategic proximity to large population centres, transport nodes, and key consumption zones. The tenant base comprises a diversified mix of e-commerce operators, third-party logistics providers, parcel delivery firms, and light industrial occupiers.

In line with its value-add expertise, Valor will undertake a phased sustainability-led refurbishment and redevelopment programme across select assets to meet the growing demand for high-quality, last-mile distribution facilities.

The portfolio was aggregated by Apollo-managed funds between 2020 and 2022 as part of its investment strategy into urban logistics focused on acquiring high-quality assets an attractive basis, with multiple value creation levers. The strategy focuses on assets in supply-constrained locations that are underpinned by secular demand trends.

Christian Jamison, CEO & Managing Partner at Valor, said:

“This landmark appointment by a leading global investor is another strong endorsement of the operating model we have built and our ability to unlock value in what is one of real estate’s most structurally supported sectors. In under four years we have doubled our assets under management to over €5 billion, a remarkable achievement in what remains a very granular and high-barrier-to-entry sector, and testament to the quality of our team.

Brad Stitchberry, Partner & Head of Asset Management at Valor, added:

“This is a standout pan-European last-mile logistics portfolio by location and tenant quality, offering a rare combination of stable day one income and significant reversion. The structural growth, driven by e-commerce, coupled with an increasingly acute undersupply of ESG-compliant space that can facilitate the time-critical distribution demands of occupiers, is underpinning its attractive rental and capital growth prospects.”

Frederick Neske, Partner at Apollo, said:

“Urban logistics remains one of our high conviction investment themes across Europe. Consolidating the management of this portfolio with Valor is the next step of our business plan, as we seek to deliver excess return per unit of risk and execute on a long-term hold strategy in a higher-for-longer rate environment.”

Ben Allmond, Principal at Apollo, added:

“Urban logistics continues to benefit from stable cash flows, optionality and supply constraints that support rental outperformance in a higher rate environment. We are pleased to work with Valor to actively manage this portfolio and capture the embedded positive reversion as it enters the next stage of its value creation cycle.”