German open-ended fund manager Commerz Real has acquired two logistics properties for one of its institutional funds for a total of EUR 55 mln. This brings the total to approximately EUR 430 mln. The portfolio now includes 21 logistics properties, located in Germany, France, Italy and the Benelux countries.
German open-ended fund manager Commerz Real has acquired two logistics properties for one of its institutional funds for a total of EUR 55 mln. This brings the total to approximately EUR 430 mln. The portfolio now includes 21 logistics properties, located in Germany, France, Italy and the Benelux countries.
The latest acquisitions include the BUT SA Logistics Center in the French city of Mer and a Siemens warehouse for spare parts in the German city of Ludwigsfelde near Berlin. The fully let BUT SA Logistics Center has a gross lettable area of 63,500 m2. The building is let to the BUT International SA consumer electronics and household appliances retailer, which has been located in Mer for several years.
The property was acquired from SCI Concerto Logistics Park Mer, a member company of Group Affine. Colliers International advised Commerz Real during the transaction.
The Ludwigsfelde property is let long-term to Siemens and was acquired from Heidelberg-based investor Harder & Partner. The building, developed by Harder & Partner, covers 25,600 m2 and is used by Siemens to store spare parts for gas turbines.
'With this acquisition we continue to pursue the objective to expand the logistics commitment of Commerz Real,' said Hans Joachim Kühl, Member of the Board of Commerz Real AG and responsible for real estate acquisitions. 'The sustained high demand for prime logistics real estate on the European real estate investment market confirms our investment strategy. At the moment, our logistics portfolio across funds totals a volume of approximately EUR 700 mln. Prime logistics assets with outstanding location qualities will remain an integral part of our investment strategy in the future.'
