CBRE Global Investors has sold the Europaring 11 logistics building in Straubing, southwestern Germany, to a Savills Investment Management fund. The prices of the deal was not disclosed. Initially used as a tire warehouse, CBRE GI changed the 36,500 sqm building’s use and leased it to Encory, a joint venture between BMW and the ALBA Group, last year. The property is located just 9 km from Straubing’s city center.
“The sale is excellent proof of our in-house logistics expertise. In a period of just three years, we were able to achieve a successful repositioning with a subsequent exit to the benefit of our investors,” said Tore Gehres, head of asset management for offices and Logistics in Germany at CBRE Global Investors.
