Henderson Global Investors, on behalf of its German Logistics Fund (HGLO), has acquired a logistics park in Herrenberg, Germany from Industrial Securities Europe. It represents the third acquisition for the Fund. The purchase price has not been disclosed.
The asset is situated in the southwest of Stuttgart and consists of four fully let, high-quality buildings which total 50,000 m² of warehouse and office space, over 135,000 m² of land. Tenants include logistics provider LGI; farbtex Kaltenbach & Maier (a wholesaler of paints, carpets and tools).
Thorsten Kiel, Manager of the Fund said: "The strategy for the Fund involves the acquisition of existing, proven schemes with secured leases already in place. This means that the benefit of the low risk associated with newer build assets is retained but the premium pricing is avoided. In this respect, the acquisition was an excellent fit with the strong covenants and secure leases already in place."
REAG and Graf von Westphalen acted on behalf of Henderson. PRIAM Asset Management GmbH and Hogan Lovells International LLP acted on behalf of the seller.