Hansainvest acquires UK logistics property for EUR 38m

German fund manager Hansainvest has acquired a logistics property in Leicester, UK for EUR 38 mln from Goodman Group. The asset was acquired on behalf of its Hansareal 1 institutional fund.

The property extends over a total area of 76,000 m2, and include an office building and a warehouse with a gross lettable area of about 32,000 m². Completed in 2007, the property generates annual rent revenues of about EUR 2.5 mln, reflecting a net initial yield for the transaction of 6.5%. Internationally active Office Depot International UK is leasing the property through to 2027.

'The idea behind this acquisition is to reduce the share in office real estate in our institutional fund Hansareal 1,' said Nicholas Brinckmann, managing director of Hansainvest. 'Our commitment to this commercial property was motivated by the safety of a long-term lease, and the easily accessible location halfway between London and Leeds.'

Hansainvest was founded in 1969 and is part of the Signal Iduna group, one of the largest insurance and financial service companies in Germany. Hansainvest operates 40 retail funds and 70 institutional funds with an aggregate value of EUR 10 bn. The company has about EUR 2.6 bn of real estate assets under management.