Targetfollow Group, the property group which owns Centre Point, Baskerville House and Tolworth Tower, continues its expansion into Europe with its latest acquisition of six properties outside Cologne, Germany, in a deal valued at €25 million.
The properties amount to 18,049 m² of logistics space and 6,851 m² of office floor, and will act as a platform for Targetfollow to enter the German commercial property market and further expand its portfolio of European activities. In August 2006 the company invested over €22 million in acquiring two commercial projects in the Paris suburb of Montreuil and Toulon, South of France.
Ken McDougall, Director of Special Projects, commented, "The German acquisition is consistent with our ongoing strategy of selecting properties which generate healthy yields and demonstrate strong rental growth opportunities.
"The portfolio benefits from the prime location, the high quality of the buildings and the amenities they offer current and prospective tenants.
"We are seeking to capitalize on the potential of the buildings, and the footing they currently have in the European logistics sector where we are anticipating further growth."
He added: "The high quality properties are occupied by a host of prominent tenants, including leading names in the medical sector, a national newspaper group, and a host of legal firms, which will continue to attract tenants of the same high calibre."