In a structured sales process conducted by Realogis, US investment manager HighBrook Investors has acquired a new-build logistics property in Krefeld, Germany, together with asset manager and operations partner Valon, from Cologne-based project developer Aconlog.
The asset was acquired for the duo's urban logistics platform. The sale price is in the lower double-digit million euro range.
The modern building in Krefeld, situated at Westpreussenstraße 4, has a direct connection to the LogPort in Duisburg.
The building, certified in accordance with DGNB guidelines, was completed a few weeks ago and has 11 ramp gates with a ceiling height of over 12 metres.
With a total area of almost 10,000 m2 and 53 car parking spaces, the building is home to one of Germany's largest industrial service providers. The lease has been concluded on a long-term basis.
The property was originally developed in the 1970s with a press distribution centre and office building and used as a distribution centre for printed products. It was later decommissioned and redeveloped by Aconlog as part of its brownfield development strategy.
Greenberg Traurig acted as legal advisor to the buyer in the transaction. TA Europe acted as technical advisor. Graf von Westfalen and KSP Tax advised the seller.
'Despite the complex market conditions at the time of marketing, such as inflation, high interest rates, ongoing unrest in Europe and the predominantly cautious to pessimistic market sounding of investors at Expo 2023, we were able to identify a committed and financially strong partner and finalise the transaction,' said Bülent Alemdag, managing director of Realogis Immobilien Düsseldorf.
'The speculative development of the brownfield project in an interesting location, the long-term letting to a user with a strong credit rating and the now successful sale confirm our strategy,' added Oliver Blüher, managing director of Aconlog Projektentwicklung.
Image credit: Realogis
