Hines Global REIT has purchased the 88,490 m2 Fiege Mega Center in Germany from CBRE Global Investors.
Hines Global REIT has purchased the 88,490 m2 Fiege Mega Center in Germany from CBRE Global Investors.
The investment volume was not disclosed.
The single-tenant logistics facility is located near the central German city of Erfurt, between Berlin and Frankfurt. The property is fully leased to Fiege Group until 2023. Developed in 1995, the facility was designed to expand Fiege’s retail logistics operations and is one of their most modern e-commerce logistics facilities.
The deal increases Hines' logistics assets under management in Germany to approximately 427,000 m2.
Debt financing for the acquisition was provided by Deutsche Pfandbriefbank. Hines Germany will provide asset management services.
CBRE Global Investors’ commercial advisor was CBRE and their legal advisor was Mayer Brown.
