Patron Capital, the pan-European institutional investor and Germany's Inbright, a logistics specialist, have acquired a property in Cologne.
The asset was acquired from Mura Deutschland for an undisclosed sum.
The deal is part of the duo's investment programme which is aiming to build a portfolio of light industrial assets in Germany worth at least €250 mln.
The property comprises 150,000 ft2 (14,000 m2) of warehouse and office space at Max-Planck-Strasse 35 in Cologne Marsdorf, a thriving commercial and retail area in the west of Cologne.
On a site of over 140,000 ft2, the property includes manufacturing, production, service and storage areas.
Inbright will take over asset management of the multi-let property, which will be successively upgraded in terms of the building shell, technology and fit-out over the coming years.
Patron and Inbright will follow a ‘transform-to-green’ strategy, developing the site in line with comprehensive ESG criteria.
As part of their investment programme, Patron and Inbright also previously acquired parts of an industrial site in Ludwigsburg occupied by manufacturing business Mann+Hummel.
Christoph Ignaczak, senior partner and investment director at Patron Capital, said: 'This deal in the Marsdorf area of Cologne reflects our strategy of making targeted investments to create modern light industrial schemes in future-proofed locations.
'In addition to robust income from a diversified tenant base, this scheme offers an opportunity to create value through sustainable refurbishment, which we will pursue together with our partners at Inbright.'
Sebastian Pijnenburg, managing director of Inbright Development, said: 'Amid ongoing challenges in the German real estate market, we’re pleased to have successfully completed this purchase in Cologne, one of Germany’s top seven cities.
'This deal highlights that transactions are still happening, particularly in the light industrial sector, where many companies are choosing to sell their buildings rather than taking on the modernisation programmes required to meet today’s sustainability standards.'
The purchase was brokered by Greif & Contzen; KVL Bauconsult, NOERR, Samp Schilling & Partner, Landplus and Agradblue acted as consultants to the purchaser, and Oppenhoff acted as legal consultant to the seller.
