Warburg Henderson (KAG) has completed the acquisition of four B8 warehouse properties in Spain, Italy, France and Germany for its property Spezialfonds Pan-Europa Fonds Nr. 1 for €115 million.
This acquisition follows the purchase at the beginning of the month, by the KAG Special Fonds Nr. 1 and Nr. 3, which acquired a 123 million portfolio of warehouses, at locations including Lagny le Sec in France, Sraubing-Sand in Germany and Tilburg in the Netherlands. The gross property yield for both transactions is 6.5%.
The Fund has acquired the following properties:
- Alovera, a 42,654 m² warehouse in Madrid, Spain, for circa 41 million. The warehouse is to be let to Excel.
- a 14,300 m² warehouse in Veronella, Italy, let to DHL, for 9.7 million.
- a 76,330 m² warehouse in Amiens, France, acquired from Gazeley for circa 58 million. The warehouse is to be let to Proctor and Gamble.
- a 7,210 m² warehouse in Mannheim, Germany, let to UTI, for circa 6.5 million.
Mike Sales, Henderson director of portfolio management for Europe, says: "The KAG Fund has had an extremely active year so far spending over 1 billion to date. We are continually looking for opportunities to invest in good quality property throughout Europe that guarantee our investors receive strong and stable income returns. These four particular properties are all occupied by high quality tenants on long leases and are in line with our strategy for acquiring in locations where rental growth has strong potential.