US investment manager HighBrook Investors, together with asset and property manager Valon, has acquired four further last mile logistics assets in Germany.
Financial details were not disclosed.
The acquisitions expand its urban logistics platform which was formed earlier this year, with a focus on North Rhine-Westphalia and the Rhine-Main region.
The latest properties are located in Dortmund, Iserlohn, Bochum and Alzey and amount to some 33,000 m2 of combined rental space.
The property in Dortmund is leased to a renowned electronics manufacturer. In Iserlohn, the property is leased on a long-term lease to a leading manufacturer of aluminum tools as part of a sale and leaseback transaction.
The property in Bochum is leased on a long-term basis to one of the largest food retailers in Germany, while in Alzey, a vacant property was acquired on an opportunistic basis.
Oliver Oser, managing director of Valon, said: 'We are pleased to continue to grow the HighBrook portfolio in the current challenging investment environment.
'We continue to see enormous potential in the logistics leasing markets, which is why we are also approaching vacant properties and want to continue to actively grow the portfolio.
'Through our specialised service offering in the technical area, we also have the confidence to approach management-intensive value-add properties in order to reposition them.'
In addition to the letting activities, the next steps include ESG measures as part of the repositioning of the properties and the acquisition of further properties for the portfolio in Germany. Particular focus will be placed on value-add properties for the Rhine-Ruhr and Rhine-Main submarkets, according to Valon.
