CBRE Global Investors acquires logistics portfolio in Germany for €61.6 million (DE)

CBRE Global Investors has acquired, on behalf of one of its separate account clients, a logistics portfolio consisting of three assets in Bingen, Kassel and Ennigerloh, Germany for €61.6 million. The vendor is an Austrian open ended fund managed by Raiffeisen Capital Management.
The 74,000 m² 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.
Commenting on the acquisition, 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."
“We have also further diversified the portfolio within the tenant sector and our intention is to hold these investments long-term and benefit from the income return that will be the largest proportion of the portfolio’s return.”
“We now hold seven logistics assets in Germany for our client and even though there is a strong demand for German core logistics we don’t believe the market to be over-priced. Rents are also known to be stable resulting in moderate cycles and with the positive economic outlook, we see Germany as a solid place to invest.”
Source: CBRE