Cordea Savills, the international property investment manager, has acquired a logistics property in the Greater Munich Area on behalf of its European Commercial Fund, at a purchase price of €22.7m.
The newly constructed distribution centre comprises a total area of 21,700 sqm.
The main drivers for the acquisition were the very low vacancy rate, the scarcity of land for logistics use in the prosperous Greater Munich Area as well as the long-term lease to a well-known tenant and an attractive income distribution, according to Daniel Hohenthanner, Director of Investment at Cordea Savills.
Cordea Savills plans to invest a further €500m in commercial properties in Europe during 2013, based on existing equity available to invest on behalf of a number of funds.
