German fund Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) has signed a sales contract to acquire a logistics property in Belgium for approximately EUR 54 mln. The property comprises 11 warehouses with about 75,000 m[sup]2[/sup] of logistics space near Brussels, and is fully let to French retail group Carrefour. The warehouses were built between 1997 and 2006. Two additional warehouses are under construction. Property advisor King Sturge acted for the seller Hessenatie Logistics in the transaction. Hessenatie Logistics is a 100% subsidiary of shipping company Compagnie Maritime Belge. CGS was not represented by an external advisor. The company has earmarked the facility for its EURO LOGISTIK 1 institutional property fund.

German fund Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) has signed a sales contract to acquire a logistics property in Belgium for approximately EUR 54 mln. The property comprises 11 warehouses with about 75,000 m2 of logistics space near Brussels, and is fully let to French retail group Carrefour. The warehouses were built between 1997 and 2006. Two additional warehouses are under construction. Property advisor King Sturge acted for the seller Hessenatie Logistics in the transaction. Hessenatie Logistics is a 100% subsidiary of shipping company Compagnie Maritime Belge. CGS was not represented by an external advisor. The company has earmarked the facility for its EURO LOGISTIK 1 institutional property fund.

Carrefour operates the property at Cargoville Woluwelaan in Vilvorde as a national distribution centre in Belgium. The district is a major distribution hub to the north of Brussels, near Brussels Airport, the A1 motorway and bordering the container terminal of the inland waterway to the port of Antwerp.

CGS, a subsidiary of Commerz Grundbesitz Group, in Belgium, has a portfolio of office properties in Belgium but this is its first logistics centre in the country.