Invesco Real Estate (IRE) has acquired two logistics properties in Germany and Sweden for a total of EUR 83 mln on behalf of one of its pan-European fund mandates.
Invesco Real Estate (IRE) has acquired two logistics properties in Germany and Sweden for a total of EUR 83 mln on behalf of one of its pan-European fund mandates.
The first acquisition involves a 29,500 m2 logistics centre in Frechen near Cologne, which was built in 2006 and extended in late 2011. It is let on a long-term lease to European paper and packaging retailer Antalis.
In the second deal, IRE has bought a 36,000 m2 logistics unit in Norrkoping, southwest of Stockholm. The property is due to be extended by 12,700 m2 during 2012.
The centre is let on a long-term lease to Swedish sports retailer Stadium and is the company's only distribution centre, serving all shops across Sweden, Norway and Finland. The Swedish property is financed by German bank Helaba, which is acting as the sole lender in this transaction.
The transaction was carried out together with Invesco Real Estate's local Nordic partner, Scius Partners.
Invesco Real Estate is a global real estate firm with EUR 36.8 bn of assets under management. Some EUR 4 bn is managed across Europe.
