Thursday, 31 July 2014
Valad acquires €23 million German logistics asset for Valad European Diversified Fund (DE)
Valad Europe, the leading independent diversified real estate investment manager, has acquired a logistic asset in Thuringia, Germany, for €23 million. The investment was made on behalf of its Valad European Diversified Fund (VEDF) which invests in office, retail and logistics assets across Germany, France and the UK.
The 36,300 m² logistics building, Holzlandstrasse 1, Reichenbach, is let to Metro Logistics Germany GmbH, the logistics division of Metro Group, on a long lease until 2023. Located at Hermsdorfer-Kreuz, one of the major motorway intersections in the east of Germany and a growing regional logistics hub, the building has excellent transport links throughout the country.
Andreas Hardt, Valad Europe’s Head of Germany, commented: “The strategic location, strong covenant and long lease on this building make it an excellent investment and complement the portfolio of assets we are building for VEDF. The Fund has now invested circa €60 million in Germany so far this year across six assets, with a further €90 million under offer or exchanged. We have recently doubled VEDF’s total capacity to €1 billion and have in excess of €250 million still to invest in Germany, where we believe the fundamentals of the market remain strong and continue to provide attractive investment opportunities.”
Crem-Consult GmbH acted for Valad Europe on the transaction.
Source: Tavistock Communications