Fidelity International has acquired a logistics property in the Erfurt freight transport centre in Germany for the Fidelity Eurozone Select Real Estate Fund (FIREF).
The property, built in 2018, is located on a plot of approximately 71,000sqm and has around 32,000sqm of rental space. The acquisition expands the fund’s German logistics portfolio to approximately 265,000sqm of lettable space. The property is leased on a long-term basis to CATL, the world’s largest manufacturer of batteries for electric vehicles, and is used as a distribution centre.
Marian Lukesch, investment manager at Fidelity International, said: “We are very pleased with this expansion of our German logistics portfolio. The property impresses with its central location, excellent connectivity, optimal third-party usability and an attractive risk-return profile.”
Arno Väth, fund manager of Fidelity Eurozone Select Real Estate Fund, added: “The property is an excellent addition to our growing European portfolio. The logistics sector remains very attractive to us, which is why we want to further expand our portfolio through existing acquisitions as well as project developments. In addition, we currently favour light industrial, residential, life sciences, hotels, and construction sectors for future acquisitions.”
Friedrich Graf von Westphalen, CBRE, as well as PwC and BNPPRE acted on behalf of Fidelity. The transaction was brokered by JLL. The parties agreed not to disclose the purchase price.
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