Segro European Logistics Partnership (SELP) - a €1.7 bn joint venture between Segro and Canadian pension group PSP Investments - has acquired a newly developed logistics facility in Krefeld, Düsseldorf for €66.6 mln.
Segro European Logistics Partnership (SELP) - a €1.7 bn joint venture between Segro and Canadian pension group PSP Investments - has acquired a newly developed logistics facility in Krefeld, Düsseldorf for €66.6 mln.
The vendors are developer Habacker Holding and logistics transport services provider DSV Road, which occupies the facility.
The purchase price represents a net initial yield of 6.4% on expiry of rent-free periods, from a 4.7% net initial yield on acquisition. Cushman & Wakefield advised Segro.
The facility contains a total floor area of 78,300 m2, comprising 58,700 m2 of standard warehouse space, a 13,000 m2 cross-dock facility and a 6,600 m2 office.
DSV has entered a 10-year lease to occupy the entire facility, consolidating five existing locations into a single headquarters campus. In addition, DSV has an option to expand the cross-dock facility by 5,000 m2.
'This acquisition is in line with our strategy to build scale in big box logistics warehouses in the core Continental European distribution markets and demonstrates our ability to find attractive, off-market deals,' said Phil Redding, Segro’s chief investment officer.
