French asset manager Ofi Invest Real Estate has purchase a key logistics facility, for one of its clients, in Gerlinden’s industrial park in Maisach, near Munich.
Savills Investment Management sold the asset on behalf of its diversified pan-European flagship fund for an undisclosed price.
The building, completed in 2012, offers modern Grade A requirements over 21,700 m2 of lettable space and has a DGNB level Gold certificate.
Savills IM acquired the asset in 2013 for just under €23 mln for its pan-European European Commercial Fund (ECF).
Fully leased to its long-term tenant, it has good public transportation accessibility (S-Bahn and bus stops).
Grégoire Bailly-Salins, head of transactions Europe at Ofi Invest Real Estate SAS, commented: ‘We are pleased to announce the acquisition of this prime logistics warehouse, strategically located close to Munich, which constitutes our first logistics investment in Germany. This acquisition is in line with our selective investment strategy, focusing on high-quality assets and locations, offering long-term potential and viability. Achieving this transaction in the current market environment showcases our ability to grasp market opportunities on the most resilient assets.’
Norbert Stangelmayer, director, fund management at Savills Investment Management, said: ‘We acquired the Maisach asset for our pan-European fund in 2013. The asset benefits from a stable distribution, a long-term tenant, high ESG credentials and an excellent location. With this disposal we have taken advantage of the sustained demand for core logistics properties in Germany and are realising the value gained for the benefit of our investors.’
The modern asset is in a sought-after location that has seen strong value growth in the past, benefiting from a dense motorway network that acts as a key gateway between northern and southern Europe.
This is Ofi Invest Real Estate’s first investment in Germany, one of its target markets after consolidating its European logistics portfolio under management in France and the Netherlands.
Drees & Sommer, DLA Piper Frankfurt and BNP Paribas advised Ofi Invest Real Estate, while Savills IM was advised by JLL and DLA Piper Munich.
