French public service additional pension scheme ERAFP added a logistics property in Germany to its real estate portfolio.
The 31,200sqm asset in Bielefeld known as The Plus was acquired by LaSalle Investment Management, on behalf of the €39bn civil servants’ scheme, from Real IS.
Financial details were undisclosed.
The Plus, completed in 2008 and expanded in 2011, is divided into warehouse and handling space and has a cross-docking facility and an office space. The warehouse is leased on a long-term basis to the transport and logistics company Kühne + Nagel.
Mathias Malzbender, fund director and head of separate accounts continental Europe at LaSalle, said: “We are delighted to have overseen the successful acquisition of this high-quality and well-situated property for our investor in a region which has experienced strong employment growth recently, as well as the significant development of this business park.
”The Plus is perfectly aligned with the portfolio’s investment strategy and represents the high quality and reliability of this separate account to secure long-term and sustainable returns.”
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