CBRE Investment Management (CBRE IM) has completed the transfer of two logistics parks in Denmark from MG Real Estate, one of which was added to the joint venture with MG Real Estate. Financial details were not disclosed.
The first deal is the acquisition of the remaining six logistics units at MG Park Greve in Copenhagen from MG Real Estate, which comprises 52,177 m2 of warehouse space as well as 2,590 m2 of office space. One logistics unit has already been completed, with five more due to be developed.
This completes the acquisition of the park, as the firm previously acquired five units comprising 51,903 m2, which are fully let to five different tenants. The total deal at MG Park Greve comprises over 100,000 m2.
Secondly, CBRE IM has further expanded the joint venture with project developer and investor, MG Real Estate, with units 3, 4 and 5 at MG Park Fredericia, comprising 26,789 m2 of warehouse space and 1,685 m2 of offices. These newly built units are located in Fredericia, part of the Danish Triangle region which is the largest traffic hub in the country.
This deal concludes a series of three transactions for the joint venture in 2022, totaling nearly 60,000 m2. With the deals closed in 2022, the joint venture now comprises 150,000 m2 of prime logistical space.
‘Despite these challenging times due to geopolitics, long-term structural shifts and macro-economics, this strategic partnership confirms MG Real Estate’s ambition to strengthen the growth in our logistics portfolio,’ said Ignace Tytgat, CEO of MG Real Estate. ‘To establish and strengthen long-term relationships with tenants, MG Real Estate keeps property management in-house. The joint venture with CBRE Investment Management is therefore the right approach.’
CBRE IM was advised by CBRE on both transactions.
