Henderson and Palmira acquire German warehouse at 11%

Henderson Global Investors and Palmira Capital Partners have acquired an 8,000 m2 distribution centre in Bruchsal, Germany

They were acting on behalf of the Henderson German Logistics Fund (HGLOF). The vendor was a foreign investment fund.

The purchase price has not been disclosed but it represents a net initial yield of 11%.

This is the fourth acquisition for HGLOF following assets in Bad Durkheim, Elmenhorst near Hamburg and Herrenberg near Stuttgart.

The asset is situated in an industrial park at motorway A5 between Heidelberg and Karlsruhe and consists of 8,000 m2 of distribution space with an additional 2,000 m2 of office space. An adjacent plot provides the opportunity for an extension of the existing buildings or the development of a new distribution centre.

The tenant is Spengler, a manufacturer of automatic vending machines. There are 5 years remaining on the lease.

Henderson was advised by REAG, Ambiente and Graf von Westphalen.