Last month, it appointed Amaury Gariel, CBRE’s EMEA industrial and logistics managing director, to lead the European venture and he has been tasked with growing the business quickly. The aim is to build €250m (£218m) worth of assets a year from 2019.

But in an already saturated market, how will Scannell hit those high numbers from a standing start? Gariel says the company has many options to grow at that pace, including partnering with local developers. What will set it apart, he says, is investing in relatively untouched growth areas – primarily food retail.