Cordea Savills has acquired a logistics property in Munich on behalf of its European Commercial Fund.
Cordea Savills has acquired a logistics property in Munich on behalf of its European Commercial Fund.
The investment volume came to just below €23 mln, the international property investment manager said.
The newly constructed distribution centre comprises a total area of 21,700 m2. 'The main drivers for the acquisition were the very low vacancy rate, the scarcity of land for logistics use in the prosperous Greater Munich Area as well as the long-term lease to a well-known tenant and an attractive income distribution', said Daniel Hohenthanner, director of investment at Cordea Savills.
Cordea Savills plans to invest a further €500 mln in commercial properties in Europe during 2013, based on existing equity available to invest on behalf of a number of funds. The firm managed a total of €8.2 bn at end-2012.
