A Savills Investment Management fund has bought a 36,500sqm logistics building in south-western Germany from CBRE Global Investors (GI).

CBRE GI said it sold the Europaring 11 building in Straubing for an undisclosed sum.

The asset was originally built as a tyre warehouse and, after its repositioning by CBRE GI, has been fully let to Encory, a joint venture between BMW and the ALBA Group, since 2018.

Tore Gehres, head of asset management office and logistics Germany at CBRE GI, said: “The sale is excellent proof of our in-house logistics expertise.

“In a period of just three years, we were able to achieve a successful repositioning with a subsequent exit to the benefit of our investors.”