The Edmond de Rothschild Euro Industrial Real Estate Fund (EIREF) has purchased an industrial property in Worms, in Rhineland-Palatinate, its first acquisition in Germany. Financial details were not disclosed.
The property provides 9,500 m2 of storage and production space. Standing on an 18,700 m2 site, it is let to a single tenant. The transaction took place as a sale-and-leaseback.
‘So far, we have primarily purchased properties for the fund in the Netherlands, where there are many high-quality logistics assets on the market,’ said Felix Lorenz, Investment manager of the Edmond de Rothschild REIM in Frankfurt. ‘We are now expanding the fund by making acquisitions in Germany. More transactions are expected to follow, particularly in the next six months.’
The open-ended fund, which has a core-plus risk profile, has an institutional investor base and is open to investors from a variety of jurisdictions. It is planning to grow its portfolio from €110 mln at present to roughly €250 mln.
