CBRE Global Investors has completed the acquisition of a recently built logistics platform in Falkensee, Germany, developed and constructed by listed Gateway Real Estate AG, for a net initial yield of 6.8%. The asset has been acquired on behalf of one of its separate account clients.
The 22,445 m² platform is located in Falkensee, in the Berlin area. The recently constructed building is fully let to logistics provider BLG on a long term lease.
John Ozinga, Head of Separate Accounts Continental Europe, CBRE Global Investors, said: "Our client is in the process of re-positioning its real estate portfolio and diversifying across Europe. We have recently disposed of Westend Duo in Frankfurt, and reinvested into the Italian shopping center Limbiate and the French logistics asset in Pusignan and this acquisition is the first of additional investments across Continental Europe.
"The asset fits with the requirements of our client as we are focused on enhancing direct returns and diversifying the portfolio across Europe.”
CBRE Global Investors has further retail and logistic investments in Belgium, France, Germany and Italy under offer for their client, which are expected to complete in the upcoming months.
Source: Citigate Dewe Rogerson