Goodman continues to invest prime quality logistics assets in Germany acquiring two properties from Union Investment totalling 112,000 m². Goodman European Logistics Fund (GELF) has acquired a 53,000 m² facility in Mönchengladbach’s Regiopark and a 59,000 m² facility in Muggensturm, in the Karlsruhe area. Goodman’s in-house team of property experts has also taken over the property management of both warehouses.
The locations of Mönchengladbach and Karlsruhe are among the regions with the highest intensity of logistics activity in Germany. Both locations therefore attract particular interest from developers and investors in the logistics asset class.
“The German market continues to present good underlying conditions for investment in logistics properties. These acquisitions are the results of a selective pursuit for opportunities to expand our presence in key locations that we believe are strategically valuable in the European logistics market. The two prime properties in Mönchengladbach and Karlsruhe are an ideal fit for our European portfolio,” said GELF Fund Manager Emmanuel Van der Stichele.
In Mönchengladbach’s Regiopark, GELF acquired a property of approx. 53,000 sqm constructed in 2010, which is on a long-term lease to fashion group Esprit. From this European distribution centre Esprit supplies its sales outlets and trading partners across Europe. The acquisition will increase Goodman’s presence in Regiopark, which has become a center for textile logistics in Germany. Adjacent to this site, Goodman leases a built-to-suit development to Zalando, which is currently being expanded from 78,000 m² to 134,000 m².
The transaction also includes an approx. 59,000 m² property in Muggensturm, which is on a long-term lease to IHLE, a leading European distributor of tires. With this acquisition, Goodman is actively expanding its portfolio in the Rhine-Neckar region.
“Our active presence as a developer, investor and property manager positions us ideally with the required platform to further expand our German portfolio. New investment opportunities will therefore be sourced from both new, built-to-suit developments and acquisitions of high quality existing properties.” said Jordan Corynen, Goodman Director Germany.