CBRE Global Investors has acquired a 158,510sqm logistics park in Berlin on behalf of Zurich Insurance Group’s German real estate arm.

CBRE GI has paid an undisclosed sum to buy the newly-built Schönefeld Airpark from Patrizia. 

Patrizia acquired the site in 2014 and has recently completed the final phase of development. 

Airpark, multi-let to seven tenants, comprises 71,657sqm of warehouse space, 5,535sqm of mezzanine space and 5,983sqm of office space.

The acquisition brings the total of logistics acquired this year to €715m for CBRE GI’s logistics platform, the manager said.

Riccardo Cobianchi, head of real estate, Zurich Insurance Group Germany, said: “The acquisition of Airpark, our first logistic investment in Europe, offers additional diversification benefits to Zurich Deutscher Herold’s European real estate platform, valued at more than €3bn.

“We are excited about entering the German logistic market, gaining access to a high-quality multiuser logistic park in a strategic location.”

Alberto Radice Fossati, portfolio manager, CBRE Global Investors, said: “Airpark offers both an attractive and defensive income stream for our client, as well as further reversionary potential through capital growth, with this submarket set to grow further through the opening of the new Berlin Schönefeld airport.”

Sebastian Ehrhardt, head of transactions Germany, CBRE Global Investors, said: “The overall outlook for German logistics remains stable and we expect appetite for modern logistics properties such as Airpark to continue due to the limited potential for new supply alongside ongoing global restrictions driving further consumer demand.“

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