CBRE Global Investors, the global real estate investment firm, has announced the acquisition by its Pan European Core Fund (PEC Fund) of 13,000 m² in the 'Multi-Park' complex from MP Holding and OFB Projektentwicklung GmbH.
The Multi-Park complex is an industrial and logistics park located in Mönchhof. It benefits from Mönchhof's strategic location to the northwest of Frankfurt Airport and excellent transportation links with direct access to the A3 and the A67.
Multi-Park is an innovative concept developed through a joint venture of MP Holding and OFB Projektenwicklung. It is based on the flexibility and functionality of the space. It allows for a mixture of exhibition, service, office, manufacturing and storage areas and is specifically designed for small and medium-size companies that want to establish a presence in prime locations.
The Mönchhof Multi-Park complex is being built in several phases. It currently offers about 18,500 m² with rental spaces from 300 to 6,500 m² and will be expanded with the fourth and fifth construction phases due to the growing demand for logistics space near Frankfurt Airport.
The park is let to well-known tenants including Sovereign Speed, Sulzer Metco, ITT Motion Technologies and OVG.
The 13,000 m² acquired by the PEC Fund is in the first and second construction phases, built in 2010 and 2011. This acquisition is the sixth transaction for the PEC Fund - its second in Germany - and is in line with the Fund's long-term investment strategy. This open-ended Fund targets core investments across Europe with focus on industrial, retail and office properties.
Richard Everett, Managing Director of CBRE Global Investors and Managing Principal of the Fund, comments: "We are delighted to acquire this excellently located asset. We share MP Holding and OFB's philosophy of creating and managing modern and flexible logistics assets in major German cities, as they provide long-term stable cash-flows for investors."
SIMRES and CBRE acted for the PEC Fund.
Source: Citigate Dewe Rogerson