RLI Investors (RLI) said on Tuesday that it has brokered the acquisition of a logistics park in Berlin for Hoppegarten Investment Sarl as part of an asset advisory mandate.
The asset was sold by Hoppegarten Park Property GmbH & Co. KG for around €70 mln.
RLI, an independent asset and fund manager specializing in logistics real estate in Germany, will manage the planned development of around 30,000 m2 of new logistics space on the site. Realogis together with RLI and the owner will market the new space.
The logistics park, which was built in different sections, consists of five logistics properties totalling 70,000 m2 and an office building of around 5,000 m2. The properties are nearly fully let to logistics service provider Rhenus and department store chain Kaufhof.
Clifford Chance advised the seller on the legal aspects of the transaction. The deal was brokered by commercial agent Debitos.
