HighBrook and StepStone to recapitalise Dutch logistics portfolio

Private equity real estate firm HighBrook Investors has announced a partnership with StepStone Real Estate (SRE) to recapitalise a portion of its Dutch CityLink portfolio, a European platform focused on last-mile logistics.

Merwedeweg 4, Rotterdam

SRE, the real estate division of StepStone Group, has acquired a stake in a collection of last-mile logistics properties situated in major urban and suburban areas throughout the Netherlands. This portfolio is part of CityLink's larger European logistics platform, which encompasses 140 warehouses across the Netherlands, Germany, and Denmark. HighBrook will retain majority ownership of the platform.

This recapitalization provides CityLink with additional funds to fuel its next stage of expansion, including targeted acquisitions, property improvements, and further growth within key last-mile logistics markets. HighBrook will continue to manage the portfolio's strategic direction and daily operations.

In 2025, SRE invested $15 bn (€14 bn) in over 50 real estate funds and provided $2.6 bn (€2.4 bn) in equity for 15 GP-led secondary and co-investment deals. In January 2026, SRE launched the S-Core platform to expand its global core/core+ investment activities in secondaries, co-investments, and primary commitments.

Robert Giusti, partner & CIO of HighBrook who oversees the firm’s European business, said: “We’re thrilled to be partnering with SRE on this strategic recapitalization. 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 & head of EMEA at StepStone Real Estate, added: “This investment exemplifies the S-Core platform opportunity – delivering strategic core plus capital via a customised liquidity solution to high conviction managers and their portfolios. With over $1 tn of maturing NAV in existing real estate funds, the combination of S-Core and SREP, SRE’s global flagship secondaries series, enables SRE to deliver scaled liquidity solutions across markets, sectors and risk profiles.”

White & Case, Loyens & Loeff, Latham & Watkins, Deloitte, and BNP Paribas advised on the transaction.