SELP, a €1 bn joint venture between UK REIT Segro and Canadian pension group PSP Investments, has acquired a 36,844 m2 logistics facility in the western German city of Oberhausen, for €37 mln.
SELP, a €1 bn joint venture between UK REIT Segro and Canadian pension group PSP Investments, has acquired a 36,844 m2 logistics facility in the western German city of Oberhausen, for €37 mln.
The vendor requested anonymity.
The recently completed building in the Rhine Ruhr region, just north of Düsseldorf, is let on a nine-year lease, without break options, to Lekkerland, a European convenience retail wholesaler and distributor. There is an option to extend the building in the future.
Segro chief investment officer Phil Redding, said: 'The transaction is in line with Segro's strategic objective to grow the SELP portfolio in its key target markets in Western and Central Europe.'
Since its creation in October 2013, SELP has acquired approximately €590 mln in assets and development land.
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