Asset management company London & Capital has expanded its profile as a major player in the pan-European commercial property sector through the acquisition of a portfolio of German logistic centres. It acquired the portfolio for over EUR 165 mln ($210 mln) from state-owned German insurance company Provinzial.
Asset management company London & Capital has expanded its profile as a major player in the pan-European commercial property sector through the acquisition of a portfolio of German logistic centres. It acquired the portfolio for over EUR 165 mln ($210 mln) from state-owned German insurance company Provinzial.
London & Capital said other deals are in the pipeline which would take its portfolio to over EUR 314 mln ($400 mln) by the end of the year. 'The Provinzial deal reinforces our focus on top quality properties in terms of tenants, location and long-term rental growth, and it also offers excellent asset management angles,' said Iain Keyes, director of real estate investments at London & Capital.
The portfolio consists of four logistics centres, one retail warehouse and an office building in Werl, Frechen, Gimbsheim, Recklinghausen, Schwetzingen and Wolfsburg. All but one of the properties were built in 2002 or later and they cover a total floor space of 163,000 m2. The transaction generated a yield of 6.25%.
