Barings Real Estate has acquired a 184,000sqm logistics asset in Germany for €90m on behalf of a US institutional investor.
Barings said the asset, which was bought from a joint venture between a US investor and M7 Real Estate, represents one of the largest transactions within the European logistics sector over the last 12 months.
Located in Unna, the asset is fully let to the department store chain Karstadt until 2026 and it operates as their national distribution site.
Christoph Wittkop, the managing director and country head at Barings Germany, said: “Following recent acquisitions of logistics assets in both Spain and France, we are pleased to have now completed our first acquisition in this sector in Germany.
“We are planning to significantly increase our logistics exposure across Europe, including Central and Eastern Europe, through the acquisition of existing assets as well as through forward funding or purchasing developments.”
Wittkop added that Barings is targeting core to value-add opportunities and will consider both single properties, as well as country-focused or pan-European portfolios.
Alyssa Huse, the managing director of M7 in Germany, said: “By acquiring the Unna logistics scheme over two years ago, our timing was excellent. We quickly succeeded in generating an attractive investment product, for which there were numerous potential buyers.
“This enabled us to realise a significant value increase for the joint venture’s shareholders, while leaving further potential value creation for the purchaser.”