CBRE Global Investors has acquired two recently completed distribution centres in Germany. The assets were secured in a forward purchase as part of a larger portfolio deal concluded with US-based developer Hillwood in 2016. The purchase price has not been disclosed.
The distribution centre in Weiterstadt near Darmstadt is 38,200 m² of GLA. Located next to the A5 motorway on Carl-Zeiss-Strasse 5, the asset is 98% leased to several tenants. The site is set to profit from an upgrade of the A5, which is currently under construction and will be opened in 2019 when a so-called e-highway will provide an extra lane for electronic vehicles between Frankfurt and Darmstadt-Weiterstadt.
The second distribution centre is located in Dusseldorf’s Heerdt district (Wiesenstrasse 61), contains 34,400 m² of rental space and is fully leased. The main tenants are logistics service providers Rhenus and Panalpina. Each company occupies 11,000 m² of space.