CBRE Investment Management (CBRE IM) has acquired a logistics park at Leipzig-Halle Airport, Germany from Invesco Real Estate for an undisclosed sum.

CBRE IM said it bought the recently completed 57,000sqm logistics park at An der Autobahn 12 on behalf of one of its core strategies.

The property, situated on a 114,000sqm plot, is leased to e-commerce retailer Relaxdays.

Sebastian Ehrhardt, managing director and head of transactions Germany at CBRE Investment Management, said: “The property’s micro and macro location is its main strength. Apart from excellent multimodal transport links, the Leipzig-Halle region, centrally located in both Germany and Europe, forms a strategic distribution hub for a number of sectors.

“This is reflected in turnover figures at Leipzig-Halle Airport which make it Germany’s second and Europe’s fourth-largest airfreight hub.”

Jean-Antoine Robert, a senior portfolio manager at CBRE Investment Management, said: “Our mandate is pursuing a long-term investment strategy in core western European markets.

“The property is a great addition to our portfolio thanks to its location at this prominent logistics hub, the flexible building layout and sustainability credentials. We believe it will deliver stable cash flows and maintain its strong market positioning for years to come.”

Felix Richter, director of transactions at Invesco, said: “With a site of this magnitude in this prime location, we were willing to take the typical development risks, as we believed we could achieve above-market returns in the fast-growing and highly attractive logistics sector.”

Kevin Grundy, a managing director at Invesco, in charge of fund management, said: “Our European value-add strategies reflect the core real estate market in which we are selling the stabilised assets.

”In the logistics sector, we continue to invest in speculative developments in prime locations where our local teams identify latent demand from core investors and an active rental market.”

Invesco was advised on this transaction by CMS (legal), KPMG (tax) and RE-concept (technical).

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