Verdion’s European logistics fund has invested €28m to buy a German logistics park from Equity Estate.
Equity Estate said it has sold the asset on the outskirts of Kassel to the Verdion European Logistics Fund 1 (VELF1) fund.
The property was held by Equity Estate for almost 15 years, forming part of the Queristics portfolio which was raised in 2005.
The 58,307sqm plot currently comprises 16,046sqm of warehousing and 3,852sqm office and commercial spaces in three buildings. The acquisition also includes additional land with potential for a new warehouse of around 6,000sqm plus 500sqm office space and a 1,228sqm mezzanine.
Florian Stöbe, Verdion head of investment – Germany said: “This asset is exactly in line with our value-add/core-plus strategy: a site with great potential in one of the country’s most important logistics hotspots, combined with long term commitments from existing tenants.
“The intention now is to commence speculative development to meet continuing demand for high-quality space from e-commerce occupiers in particular– an approach the fund is adopting across other invested locations.”
The deal is the fifth acquisition so far for the value-add and core-plus VELF1 fund.
The €316m fund, which held its final close in September last year, targets investments in Germany, the Nordics, Benelux and other select markets across Europe.
To read the digital edition of the latest IPE Real Assets magazine click here.
No comments yet