CBRE Global Investors has acquired a portfolio of three logistics assets in Germany from an Austrian fund for almost €62 mln.
CBRE Global Investors has acquired a portfolio of three logistics assets in Germany from an Austrian fund for almost €62 mln.
The assets in Bingen, Kassel and Ennigerloh were bought on behalf of a separate account client from an open-ended fund managed by Raiffeisen Capital Management. They will be added to the four properties acquired earlier by CBRE GI for the same client.
The three properties total 74,000 m2 and are let to Metro (Bingen), Volkswagen (Kassel) and B Logistik (Ennigerloh) on a 8.4 year weighted average lease term.
Commenting on the acquisition, Jeroen de Grunt, portfolio manager for separate accounts in Continental Europe for CBRE Global Investors said: 'We now hold seven logistics assets in Germany for our client and even though there is a strong demand for German core logistics we don’t believe the market to be over-priced. Rents are also known to be stable resulting in moderate cycles and with the positive economic outlook, we see Germany as a solid place to invest.’
CBRE Global Investors was advised on the legal side by the Frankfurt real estate team of LPA Lefèvre Pelletier & associés.
JLL acted exclusively on behalf of the seller.