CBRE Investment Management (CBRE IM) has acquired a logistics park at Leipzig-Halle Airport, Germany from for an undisclosed sum.
CBRE IM said it bought the recently completed 57,000sqm logistics park at An der Autobahn 12 on behalf of one of its core strategies.
The property, situated on a 114,000sqm plot, is leased to e-commerce retailer Relaxdays.
Sebastian Ehrhardt, managing director and head of transactions Germany at CBRE Investment Management, said: βThe propertyβs micro and macro location is its main strength. Apart from excellent multimodal transport links, the Leipzig-Halle region, centrally located in both Germany and Europe, forms a strategic distribution hub for a number of sectors.
βThis is reflected in turnover figures at Leipzig-Halle Airport which make it Germanyβs second and Europeβs fourth-largest airfreight hub.β
Jean-Antoine Robert, a senior portfolio manager at CBRE Investment Management, said: βOur mandate is pursuing a long-term investment strategy in core western European markets.
βThe property is a great addition to our portfolio thanks to its location at this prominent logistics hub, the flexible building layout and sustainability credentials. We believe it will deliver stable cash flows and maintain its strong market positioning for years to come.β
Felix Richter, director of transactions at Invesco, said: βWith a site of this magnitude in this prime location, we were willing to take the typical development risks, as we believed we could achieve above-market returns in the fast-growing and highly attractive logistics sector.β
Kevin Grundy, a managing director at Invesco, in charge of fund management, said: βOur European value-add strategies reflect the core real estate market in which we are selling the stabilised assets.
βIn the logistics sector, we continue to invest in speculative developments in prime locations where our local teams identify latent demand from core investors and an active rental market.β
Invesco was advised on this transaction by CMS (legal), KPMG (tax) and RE-concept (technical).
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