Deka Immobilien has acquired the second phase of a logistics development project in the Mönchengladbach park in the Lower Rhine region of Germany for around €19 mln.

Deka Immobilien has acquired the second phase of a logistics development project in the Mönchengladbach park in the Lower Rhine region of Germany for around €19 mln.

The seller is a unit of Deutsche Post's DHL Supply Chain logistics subsidiary.

The project encompasses 25,000 m2 of logistics space which will add to an existing 25,000 m2 facility owned by Deka's WestInvest TargetSelect Logistics fund for institutional investors since 2012.

The new facility is aiming for Silver DGNB environmental certificate and is due for completion by the end of 2014.