Invesco Real Estate has sold its Bondorf logistics asset in southwest Germany to one of the facility’s current tenants, food retailer REWE Group for an unspecified sum.
REWE Group will take over the whole Bondorf site and upgrade the facility.
Invesco Real Estate, which acquired the 84,500sqm asset in 2016, said the Bondorf asset has, over the past seven years, “outperformed acquisition underwriting due to a number of factors, including the yield compression seen in the German logistics market” as well as a proactive asset management strategy.
Tina Kroll, the co-head of transactions at Invesco Real Estate, said: “Invesco has enjoyed a very successful relationship with REWE Group and we are delighted to be selling our Bondorf facility to the firm as part of our active approach to value creation for our investors.
”The site has been a key holding in our European portfolio and will now benefit from further investment from REWE.”
Tobias Menig, chairman of the management board, REWE Region Southwest, said: “We are very pleased that we have now been able to acquire the logistics centre in Bondorf after many years as a tenant and thus have long-term planning security with regard to our logistics structures in Baden-Wuerttemberg, Saarland, parts of Bavaria and Rheinland-Pfalz.
“The purchase is an important milestone in ensuring that our three warehouses in Bondorf, Wiesloch and Lahr can continue to supply our more than 500 stores in the future. The Bondorf logistics centre is part of our expanding modern logistics network in Germany and Europe.”
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