German fund manager Deka Immobilien has purchased a portfolio of German logistics properties as part of a sale and leaseback transaction with international Danish logistics company DSV.
The transaction volume for the deal was not disclosed. The properties, including two recently completed logistics halls in Homburg (Saar) and Peine and a development project in Bochum, will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
The assets offer around 85,000 m2 of leasable space and 231 truck and 263 car parking spaces, and have good access to the motorway network. They are fully leased under long-term leases to the DSV A/S Global Transport and Logistics group. The Homburg property has received DGNB Gold certification for sustainable construction. Applications for the same certification have been submitted for Peine and Bochum.
According to Deka, the purchase allows the fund to increase the regional and sectoral diversification of its German portfolio.
Deka Group's real estate division comprises two investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, as well as the service company, Deka Immobilien, which manage and service around €30 bn in real estate assets as at 31 December 2016.
