Dutch property firm Geneba has bought two logistics assets in the south of Germany from Düsseldorf-based developer greenfield.
Dutch property firm Geneba has bought two logistics assets in the south of Germany from Düsseldorf-based developer greenfield.
The newbuild properties in Nuremberg, Bavaria, and Achern, Baden-Württemberg, take the total number of assets in Geneba’s portfolio to 11, with a total value of €822 mln.
The Nuremberg site comprises 42,007 m2 of logistical space and is leased to Hellmann and Roman Meyer on long-term leases. The Achern development contains 12,252 m2 of distribution space beside the A5 motorway and is leased to German automotive supplier J.H. Ziegler.
Both assets were acquired through a share deal, with greenfield retaining 6% of the shares in future.
Dr. Wulf Meinel, CEO of Geneba, said: ‘With these two new assets we accomplish several of our goals: first we grow our portfolio with two new logistics assets of outstanding quality, second we deepen our good cooperation with greenfield as this is our third joint venture project with greenfield.'
Amsterdam-based Geneba was formed in 2015 from the insolvent European firm Homburg invest and is largely owned by Canada’s second-largest private equity firm Catalyst Capital Group. The company’s main investment focus is on logistics assets in the Netherlands and Germany.
BayernLB provided the financing for both assets. Geneba was advised by Clifford Chance on legal matters, JENYON GmbH on valuation, and Arcadis and Valteq on technical and environmental aspects.
