Amsterdam-based property company Geneba has acquired three industrial properties in Germany for a total investment volume of €150 mln.
Amsterdam-based property company Geneba has acquired three industrial properties in Germany for a total investment volume of €150 mln.
The assets comprise a logistics centre in Ulm with 24,500 m2 of lettable space, a mixed-use business park in Mülheim with 122,500 m2 of space and a light industrial property in Gottmadingen covering 49,000 m2.
The properties have a weighted average lease term of nearly 10 years and will generate a return on equity of more than 10%, Geneba said. Tenants include Siemens, Coop and Constellium.
The latest acquisitions follow an investment of €51 mln at the end of 2014 and bring the total value of Geneba’s portfolio to €680 mln. The company was formed from the insolvent European firm Homburg Invest and is largely owned by Canadian private equity firm Catalyst Capital Group through its Catalyst RE Coöperatief arm.
Geneba said it was in exclusive negotiations with sellers of logistics and light industrial buildings to acquire more assets in the Netherlands and Germany.
CEO Wulf Meinel said: ‘We are very pleased with the superb locations and outstanding high quality tenant base of our properties. We believe that the underlying economic fundamentals in Germany and – more important – the underlying businesses and future of tenants such as Siemens, Coop and Constellium are sound and stable.
‘Our new assets are of extraordinary quality and will immediately improve the diversity of our tenant and portfolio base.’
