The Fidelity Eurozone Select Real Estate Fund has completed the purchase of four assets in France, Belgium and Germany and the sale of a logistics asset in France for a combined €87 mln.
The Fidelity Eurozone Select Real Estate Fund has completed the purchase of four assets in France, Belgium and Germany and the sale of a logistics asset in France for a combined €87 mln.
The vehicle has acquired a 23,000 m2 out-of-town retail park in Mouscron, Belgium from the development consortium for a purchase yield of 5.9%; a 15,400 m2 logistics warehouse let do DHL in Germany, next to Leipzig airport; a 71,000 m2 development site near Berlin and a 13,000 m2 light Industrial asset in Thiais, close to Orly airport in Paris, for a purchase yield of 7.1%.
In addition, the fund has sold its logistics building in St Rambert, France to Rockspring TransEuropean V for a yield of 6.9%.
The completion of these deals takes the fund’s assets under management to €305 mln.
Commenting on the recent deals, Keith Sutton, director of European real estate at Fidelity Worldwide Investment, said: 'In spite of increasing competition for good assets within the core Eurozone real estate markets, we have been able to secure these opportunities at attractive prices and with focussed asset management initiatives we shall continue to deliver strong performance for our clients.'
