CBRE GI acquires industrial property in Germany for €16m

CBRE Global Investors has acquired an industrial property in the German state of Hesse for €16 mln.

European industrial REIT Hansteen sold the asset to a fund managed by CBRE Global Investors in an off-market transaction.

The Delta Forum Business Park, a The 20,260 m2 industrial estate is located in Ginsheim-Gustavsburg, which is a well-established industrial location, 24 km from Frankfurt Airport and well connected by road, rail and waterways. Ginsheim-Gustavsburg is within one of the Big 5 logistic and industrial clusters in Germany.

Delta Forum was built between 1997 and 1998 and is split into two sections, comprising 15 units and 165 car parking spaces. The property has 12 tenants, the largest being Rhenus with 5,559 m2. MBS Medical Business Solutions, Inergy Automotive Systems and Indat Robotics are the next three largest tenants.

'The tenant mix is both stable and diversified and with the property being almost fully leased, we have acquired a low risk asset within one of the most liquid investment markets in Europe,' commented Richard Everett, fund manager, CBRE Global Investors.