Invesco Real Estate has bought a 56,600sqm food logistics centre in Germany from Nuveen Real Estate and Palmira Capital Partners.
The manager has paid an undisclosed sum to acquire the fully-let Haferwende 5 core logistics asset in Bremen.
Invesco said it acquired the asset on behalf of one of its German separate account mandates for its actively managed portfolio.
The property is occupied on a recently prolonged lease by Metro Logistics Germany, a subsidiary of wholesale and food retail specialist Metro Group, it said.
Tina Kroll, an Invesco Real Estate associate director in charge of transactions for Germany, Austria and Netherlands, said: “What makes this investment especially attractive is that land for large and easily-accessible logistics hubs close to the city centre has become extremely rare and sought-after around Bremen, as in other top German logistics markets.
“The fact the asset can be used to serve the food sector, due to chilled and frozen storage zones, provides further stability, as food industry has become a major driver of this region and is one of the sectors most insulated from macroeconomic volatility.”
William Ertz, a senior fund management director at Invesco Real Estate, said: “As well as being a really high-quality storage and distribution centre, the long lease with Metro Logistics Germany gives this asset the long-term, stable income profile our client is looking for.
“We’re also pleased to be further enhancing the growth and diversification of the portfolio’s logistics share as this is the first German logistics asset we have acquired for this client.”
