Invesco Real Estate, the property arm of Invesco, has sold its Bondorf logistics asset in southwest Germany to one of the facility’s current tenants, Rewe Group, a leading food retailer in Germany.
The sale was completed in an off-market transaction on behalf of one of Invesco’s flagship European strategies. Details were not disclosed.
Tina Kroll, co-head transactions at Invesco Real Estate, said: 'Invesco has enjoyed a very successful relationship with Rewe Group and we are delighted to be selling our Bondorf facility to the firm as part of our active approach to value creation for our investors.
'The site has been a key holding in our European portfolio and will now benefit from further investment from Rewe.'
Acquired in 2016, the 84,500 m2 high-specification asset is exceptionally well located in the centre of west Europe, positioned on the main road between Stuttgart and Zurich and lying around 50 km to the east of Strasbourg and the French border.
Rewe Group's core business is food trading and retail through its Rewe and nahkauf branded supermarkets, Penny discount stores and the Rewe To Go convenience platform.
Going forward, Rewe Group will take over the whole Bondorf site and upgrade the facility.
The firm will further build on its logistics capabilities and capitalise on the role it already plays in the firm’s regional distribution strength.
For Invesco Real Estate, the Bondorf asset has, over the past seven years, outperformed acquisition underwriting due to a number of factors, including the yield compression seen in the German logistics market as well as a proactive asset management strategy.
Tobias Menig, chairman of the Management Board, Rewe region southwest, said: 'The purchase is an important milestone in ensuring that our three warehouses in Bondorf, Wiesloch and Lahr can continue to supply our more than 500 stores in the future.
'The Bondorf logistics centre is part of our expanding modern logistics network in Germany and Europe.'
