German listed property giant IVG Immobilien has acquired two logistics properties in Germany through its IVG Garbe Logistik fund.
German listed property giant IVG Immobilien has acquired two logistics properties in Germany through its IVG Garbe Logistik fund.
The total transaction volume for the properties in Stuttgart and Hamburg is a reported €60 mln. Both properties are suitable for third-party use and generate a stable distribution yield of more than 7%.
The Logistikpark Markgroningen on the outskirts of Stuttgart offers rental space of around 32,000 m2 and is currently let to three international logistics companies on a long-term basis. The complex was developed by Dusseldorf-based Greenfield Development GmbH and the SAX Group.
The second property is located in the Port of Hamburg and offers rental space of around 50,000 m2 and advanced transport connections. The property is fully let to a total of four companies.
The transaction marks the first acquisition made through the IVG Garbe Logistik fund. The fund has to date raised equity of €135 mln from institutional investors and has a target total investment volume of €400 mln. The special fund invests exclusively in German logistics assets.
