Logistics specialist Goodman has acquired two prime logistics properties totalling 112,000 m2 in the German cities of Mönchengladbach and Karlsruhe.

Logistics specialist Goodman has acquired two prime logistics properties totalling 112,000 m2 in the German cities of Mönchengladbach and Karlsruhe.

The Goodman European Logistics Fund (GELF) purchased the assets from Union Investment Real Estate for an undisclosed sum.

Goodman’s in-house team of property experts has also taken over the property management of both warehouses.

'The German market continues to present good underlying conditions for investment in logistics properties. These acquisitions are the result of a selective pursuit for opportunities to expand our presence in key locations that we believe are strategically valuable in the European logistics market. The two prime properties in Mönchengladbach and Karlsruhe are an ideal fit for our European portfolio,” said GELF fund manager Emmanuel Van der Stichele.

Goodman's German portfolio comprises 2.7 million m2 of assets, valued at €1.6 bn.