Investment manager Valad Europe has acquired a logistics asset in Thuringia, East Germany for €23 mln on behalf of its Valad European Diversified Fund (VEDF).

Investment manager Valad Europe has acquired a logistics asset in Thuringia, East Germany for €23 mln on behalf of its Valad European Diversified Fund (VEDF).

The 36,300 m2 building in Reichenbach is let to Metro Logistics Germany, the logistics division of the Metro retail group, on a long lease until 2023. It is located at Hermsdorfer-Kreuz, one of the major motorway intersections in the east of Germany and a growing regional logistics hub.

Crem-Consult acted for Valad Europe on the transaction.

VEDF, which invests across the office, retail and industrial/logistics sectors, has a total investment capacity of €1 bn, based on leverage of between 50-65%. Including the latest transaction, the fund has invested around €60 mln in Germany so far this year across six assets, with a further €90 mln under offer or exchanged. Valad said it still has in excess of €250 mln to invest in Germany.

Valad Europe manages €4.5 bn of investment and development assets across its funds and mandates in Europe.