Cordea Savills, the international property investment manager, has acquired a logistics property in the Greater Munich Area on behalf of its European Commercial Fund, at a purchase price of ca. €22.7 million.
The newly constructed distribution center comprises a total area of 21,700 m². “The main drivers for the acquisition were the very low vacancy rate, the scarcity of land for logistics use in the prosperous Greater Munich Area as well as the long-term lease to a well-known tenant and an attractive income distribution”, explained Daniel Hohenthanner, Director of Investment at Cordea Savills.
“The property not only fulfills the usual criteria of a modern logistics building, but also shows a high level of sustainability and energy efficiency,” he continued. This high standard is illustrated by a silver DGNB certification for the preparation and installation of a photovoltaic plant on the roof.
Cordea Savills plans to invest a further €500 million in commercial properties in Europe during 2013, based on existing equity available to invest on behalf of a number of funds.
Source: Cordea Savills