Frasers Centrepoint Limited (FCL) has acquired a two-building logistics scheme in Germany via share transactions valued at €42 mln.
The newly acquired companies are Logipark Moosthenning, H. Jäger Ges. für Projektentwicklung von Immobilien and Simblafis. The companiea own the freehold interest in two warehouse facilities located in Moosthenning, Bavaria and a photovoltaic system located on the roof of one of the warehouses. The 72,558 m2 of space is leased on a long-term basis to German car manufacturer BMW.
FCL said that the transaction was agreed on a willing-buyer, willing-seller basis after arm’s length negotiations based on the net asset values of the entities and taking into account the valuation of the assets of €66 mln provided by BNP Paribas Real Estate and existing debt.
This is the first deal by the European arm of Singapore-incorporated Frasers Centrepoint since taking full control of Amsterdam-based industrial landlord Geneba Properties in August.
