CBRE Global Investors has acquired a 3-asset logistics portfolio in Germany for €61.6n on behalf of one of its separate account clients. The vendor, which was represented by JLL, is an Austrian open ended fund managed by Raiffeisen Capital Management.
The 74,000 sqm portfolio consists of three modern logistics assets, located in established logistics locations outside the Big 5 key hubs in Germany. The three assets are let to Metro (Bingen), Volkswagen (Kassel) and B Logistik GmbH (Ennigerloh) on a 8.4 year weighted average lease term.
Jeroen de Grunt, Portfolio Manager, Separate Accounts Continental Europe, CBRE Global Investors said: “We have acquired three grade A logistics assets for our client which has increased both the exposure and weighting to the logistics sector and Germany.” He said the fund now holds 7 logistics properties in Germany for the client and that despite strong demand for core industrial assets in Germany, the market is not over-priced. “We see Germany as a solid place to invest.”
