Geneba acquires German portfolio of distribution centres

Amsterdam-based Geneba Properties has acquired a German light industrial portfolio from local developer Metawerk for an undisclosed amount.

The assets are located in Leipzig, Chemnitz and Amberg and provide 38,979 m2 of space. They are leased on a long-term basis to automotive suppliers and logistics enterprises, Rhenus Logistics, Grammer and Dräxlmaier.

Geneba said that the acquisition was partly financed with the proceeds from the rights issue, with which Geneba raised €207 mln of new equity in January 2015. German lender DG Hyp provided senior debt for the deal.

'We continue to execute our growth strategy, focussing on logistics and light industrial assets in Germany and the Netherlands. With such acquisitions we invest in assets which are located in a key region for the automotive industry giving the businesses a corporate home,' commented Wulf Meinel, CEO Geneba Properties.

The portfolio was exclusively marketed by JLL.

Geneba was advised by Clifford Chance (legal), CBRE (valuation) and REAG (technical and environmental).