Invesco Real Estate has sold its Bondorf logistics asset in southwest Germany to one of the facility’s current tenants, REWE Group, a leading food retailer in Germany. The sale was completed in an off-market transaction on behalf of one of Invesco’s flagship European strategies.
Acquired in 2016, the 84,500m2 high-specification asset is exceptionally well located in the centre of western Europe, positioned on the main road between Stuttgart and Zurich and lying around 50km to the east of Strasbourg and the French border.
Going forward, REWE Group will take over the whole Bondorf site and upgrade the facility.
Tina Kroll, Co-Head Transactions at Invesco Real Estate, said: “Invesco has enjoyed a very successful relationship with REWE Group, and we are delighted to be selling our Bondorf facility to the firm as part of our active approach to value creation for our investors. The site has been a key holding in our European portfolio and will now benefit from further investment from REWE.”
Tobias Menig, Chairman of the Management Board, REWE Region Southwest, said: "We are very pleased that we have now been able to acquire the logistics centre in Bondorf after many years as a tenant and thus have long-term planning security with regard to our logistics structures in Baden-Wuerttemberg, Saarland, parts of Bavaria and Rheinland-Pfalz. The purchase is an important milestone in ensuring that our three warehouses in Bondorf, Wiesloch and Lahr can continue to supply our more than 500 stores in the future. The Bondorf logistics centre is part of our expanding modern logistics network in Germany and Europe."
Bernd Durr, Mayor of Bondorf, commented: "The local community has had a reliable partner in REWE Group for many years. The cooperation to date has been trusting and goal-oriented, which is why I am pleased that REWE Group is now also planning for the long term at this location with the takeover of the logistics centre in Bondorf. As such, we will be keeping a successful company and major employer in our municipality."
Image source - Pexels.
