BentallGreenOak has added 162,000sqm logistics assets in Germany to its European core-plus fund.
The real estate investment manager said its European Core+ Fund has bought an 81,000sqm asset in Rheinland-Pfalz and an asset of the same size in Worms, without disclosing any financial details.
According to sources, the manager invested €230m in total to acquire the assets in two separate transactions.
Toby Phelps, managing partner at BentallGreenOak, said: “We are delighted to add these high quality, well-leased assets to our portfolio. We expect them to achieve a stabilised yield above 5% and deliver attractive risk-adjusted returns to our fund investors.”
Since 2019 BentallGreenOak has acquired numerous modern, warehouses in Germany amounting to 590,000sqm of and over €650m of invested capital across core-plus and value-add strategies.
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