German fund manager Deka Immobilien has acquired a logistics warehouse in Kassel from developer Gazeley for around EUR 35 mln. The 47,000 m[sup]2[/sup] property was bought for Deka's WestInvest TargetSelect Logistics fund and is fully leased to SMA Solar Technology.
German fund manager Deka Immobilien has acquired a logistics warehouse in Kassel from developer Gazeley for around EUR 35 mln. The 47,000 m2 property was bought for Deka's WestInvest TargetSelect Logistics fund and is fully leased to SMA Solar Technology.
The asset was completed earlier this year and is located in Kassel's Magna Park. It was developed and built in accordance with DGNB silver certification guidelines.
WestInvest TargetSelect Logistics is part of the WestInvest Targetselect fund series which offers institutional investors the option of investing across the logistics, hotel and retail sectors.
Law firm HauckSchuchhardt and property consultant REAG advised Deka on this transaction.
The acquisition follows hard on the heels of Deka’s announcement last week that it was buying the Belvedere office building in Manchester for its WestInvest ImmoValue fund. The vendor is Railway Pension Nominees Ltd. Financial details were not disclosed.
Located on Booth Street in Manchester’s Central Business District, Belvedere was completed in 2009 and comprises around 9,500 m2 of space. The asset carries a ‘very good’ rating under the BREAAM sustainability certification system.
