CBRE Global Investors announces the sale of Fiege Mega Centre, Erfurt to Hines Global REIT, Inc. The 952,539 ft² (approx. 88,490 m²) class-A, single-tenant logistics facility is located near the central German city of Erfurt, between Berlin and Frankfurt. The property is leased to Fiege Group until 2023. Developed in 1995, the facility was designed to expand Fiege’s retail logistics operations and is one of their most modern e-commerce logistics Centre’s.
Ulrich Oppermann, CBRE Global Investors, Head of Transactions, Germany commented: “The strong interest from investors shows the attractiveness of the asset as well as its location within the German logistics market.”
Commenting on the acquisition, Sherri Schugart, President and CEO of Hines Global REIT said: “The Fiege Mega Centre is a high-quality asset that complements Hines Global REIT's existing portfolio. Germany’s economy is one of the strongest in Europe, and we have increased the geographic diversity of Hines’ Global REIT with this acquisition.”
Christoph Reschke, Senior Managing Director of Hines in Germany, said, “The strength of the German market makes this an excellent acquisition for Hines Global REIT. This property has particular appeal due to its strong tenancy, location in the central hub of Erfurt, and nearby access to public transportation, highways A4, A71 and A9, as well as numerous railways.”
Karl. L. Wambach, Director of Hines Germany, added. “Hines Global REIT’s acquisition increases our logistics assets under management in Germany to approximately 4.6 million ft².”
Debt financing for the acquisition was provided by Deutsche Pfandbriefbank AG. Hines Germany will provide asset management services.
CBRE Global Investors’ commercial advisor was CBRE and their legal advisor was Mayer Brown LLP.
Source: Citigate Dewe Rogerson