Tristan Capital said the sale of the 42,000sqm portfolio of three fully-leased assets is the first disposition from the €1bn Summit Group portfolio of 69 assets, purchased in June last year.
The largest of the assets is located on the outskirts of Berlin and the remaining assets are in Leipzig and Dresden.
The disposal is in line with the strategy to sell stabilised assets from the Summit portfolio acquisition and represents the first in a number of sales, said Fabian Meinsen, managing director in charge of portfolio and asset management at Tristan Capital Partners.
“Together with our trusted and experienced team of operating partners, we are progressing with our asset management initiatives and driving disposals once the assets are stabilised.”
Marco Riva, the head of logistics and Crossbay at MARK, said: “This latest portfolio acquisition fits perfectly in line with our strategy to create a market-leading urban logistics portfolio in Europe.
“Germany remains a key target market for Crossbay as we look to grow our AUM in Germany to €300m by the third quarter of 2022. We expect demand for high-quality logistics space close to core cities to continue to rise, with coronavirus and subsequent lockdowns only turbocharging the shift to online shopping.
To read the latest edition of the latest IPE Real Assets magazine click here.