Henderson Global Investors and Palmira Capital Partners, on behalf of the Henderson German Logistics Fund (HGLOF), have acquired a distribution center in Bruchsal, Germany from a foreign investment Fund. The purchase price has not been disclosed but it represents a net initial yield of 11%.
It represents the fourth acquisition for the Fund following assets in Bad Durkheim, Elmenhorst near Hamburg and Herrenberg near Stuttgart.
The asset is situated in an industrial park at motorway A5 between Heidelberg and Karlsruhe and consists of c. 8,000 m² of distribution space with an additional c. 2,000 m² of office space. An adjacent plot provides the opportunity for an extension of the existing buildings or the development of a new distribution center.
The asset is leased to Spengler, one of the world’s largest manufacturers of automatic vending machines. There are 5 years remaining on the lease.