CBRE Global Investors announced an investment in Phase 3 of the Multi-Park, Mönchhof in Germany from MP Holding and OFB Projektentwicklung GmbH for approximately 8 million. The purchase of 5,512 m² follows their investment in Phases 1 and 2 of the development.
The investment fits into the fund's central strategy of investing in to large, liquid markets and into developments where there is likely to be continuous demand from a range of high quality tenants.
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. Frankfurt Airport is Germany's busiest passenger airport and one of the largest cargo airports in Europe.
The Multi-Park Mönchhof complex is being built in several stages and will be expanded with two additional construction phases to be completed in response to the growing demand for space near Frankfurt Airport. The park is let to well-known tenants including Basan, Sovereign Speed, Sulzer Metco, OVG and ITT.
Richard Everett, Fund Manager, CBRE Global Investors said: "This investment fits in with the fund's strategy of focusing on high quality properties in liquid markets. The property is newly built and secured on a long term lease to a high quality tenant. The acquisition was an off-market, non-competitive acquisition, a reflection of the team's relationship driven approach."
SIMRES and CBRE acted for CBRE Global Investors.