CBRE Global Investors has bought a €128m German logistics portfolio for two separate accounts.

The Cross Dock portfolio was sold in an off-market deal by German developer, Hellmich Unternehmensgruppe.

CBRE Global Investors said the 10 assets, in the North Rhine-Westphalia, are all let to DHL.

Marius Schöner, head of Germany at CBRE Global Investors, said the properties are in highly populated areas with limited land supply.

“DHL is the biggest parcel deliverer in Germany and the sheds are of strategic importance to them,” he said.

“We believe that these factors make this a unique acquisition and one that will generate stable income for our clients.”

The investment manager said the assets are close to cites and smaller in size, compared with standard warehouses, with shorter delivery times due to the rise of e-commerce.

One asset in the 183,575 sqm portfolio is in Hesse and the remaining three in Baden-Wuerttemberg.

Read more on the logistics sector here.