Tritax EuroBox has bought a prime logistics facility near Frankfurt in Germany for €50.6m, the company’s ninth investment since its initial public offering last year.
The London-listed continental European logistics real estate investor said the acquisition of the new 43,000sqm facility at Hammersbach, increases the total amount invested to over €600m.
The facility, developed by Dietz, the company’s asset manager in Germany, is let to ID Logistics. Dietz has retained a small interest in the acquired asset.
Nick Preston, fund manager of Tritax EuroBox, said the latest deal is the ninth investment.
Tritax EuroBox, which listed last year, made its first investment in September last year with the acquisition of a global distribution centre in Spain for €150m.
“This off-market acquisition is of a brand new, well specified, purpose-built big-box logistics asset in a prime logistics location in Germany that benefits from excellent transport and infrastructure connectivity and strong supply/demand fundamentals.”
We expect this property to generate an attractive income return with good income growth potential. This is our third investment through our relationship with Dietz AG, which demonstrates the high-quality of their development assets in prime locations,” Preston.