Zurich-based investment manager StoneVest and New York-headquartered Madison International Realty have acquired a light industrial property south of Berlin, Germany as part of a joint investment programme.
The two firms entered into a joint venture earlier this year to acquire €150m worth of light industrial properties in the DACH region over the next three years
The asset, which comprises 15,500sqm of warehouse and office space, was sold by KWC Aquarotter, a provider of sanitary fittings for public facilities, via a 15-year sale-and-leaseback transaction.
The property is located on a plot of almost 24,000sqm at Parkstrasse in Berlin-Ludwigsfelde. It is part of the established Ludwigsfelde commercial and retail zone, which has direct access to the A10 freeway and is close to the Ludwigsfelde regional train stop.
StoneVest is responsible for the asset management of the property, which was completed in 1997 and subsequently refurbished in 2005. StoneVest will work closely with KWC Aquarotter to ensure the space aligns with its business objectives, including advancing digitalisation and supporting ongoing nearshoring.
Madison and StoneVest also aim to make improvements to the asset’s ESG performance.
Carey Flaherty, CIO of Madison International Realty, said: “This latest acquisition continues to demonstrate our venture’s ability to acquire high-quality light industrial assets through structured sale-and-leaseback transactions.
“By working closely with our occupiers through the asset management process, we unlock liquidity to support their ongoing business operations while seeking to maximise the value of these properties on behalf of our investors.”
Wulf Meinel, founding partner of StoneVest, said: “We are delighted with the successful completion of the acquisition in Berlin. Despite the ongoing challenges in the German real estate market, transactions in the light industrial sector remain possible.
“Many owners are now looking for partners for the modernisation of their buildings, also in the context of so-called sale-and-leaseback transactions, which can provide liquidity for corporate growth and optimise corporate capital structures.”
To read the latest IPE Real Assets magazine click here.
