SEGRO has acquired prime logistics sites in Barcelona and Madrid on behalf of SELP. The prime logistics sites total 41 hectares and are close to major population hubs, so are ideal to meet ongoing occupier demand. Five of the assets are in Barcelona, including development sites in Cerdanyola del Vallès, Terrassa, Palau-Solità i Plegamans, Viladecans as well as an existing, fully let 14,000 sq metres warehouse facility in the Polinyà municipality. The remaining prime logistics sites are in Madrid including in Paracuellos, next to Madrid Barajas Airport and two further sites bordering the M45 orbital road in San Fernando de Henares and Villaverde. Marco Simonetti, Southern Europe Business Unit Director for SEGRO, says, “This acquisition will significantly expand our footprint in Spain, an exciting market where we are growing our portfolio of high quality, well-located assets to meet the increasing demand for prime, sustainable warehousing.”
UK: LARGEST SINGLE-ASSET INDUSTRIAL INVESTMENT DEAL IN SCOTLAND
Lambert Smith Hampton (LSH), acting on behalf of Knight Frank Investment Management has brokered a deal to acquire Amazon’s main Scottish fulfilment centre in Dunfermline for an undisclosed sum. The 1 million square foot unit is let to Amazon until 2031. It represents the largest single-asset industrial investment deal in Scotland. The unit, which is fully automated was purpose-built for Amazon’s services in 2011 due to its strategic location. Alex Carr, Head of Industrial & Logistics Capital Markets at LSH, says, “This transaction is Scotland’s largest-ever single-asset industrial investment deal and, not only does it provide our client with a secure income stream from a major global occupier, it is also a significant vote of confidence for the UK’s investment market which has been muted as a result of the coronavirus pandemic.” The image is ©Lewis Clarke and licensed for reuse under this Creative Commons Licence.
GERMANY: RETAIL PARK FETCHES c.€13 m
Barings has acquired a new retail park in Bad Kreuznach, Germany, for around €13 million. It was bought on behalf of a separate account mandate for SIS from local developer, REBA Residenz Bauträger GmbH. The property of around 3,900 square meters is 100% let on long leases to two tenants, REWE, the established supermarket chain and drugstore dm Drogeriemarkt. Christoph Wittkop, Managing Director, Real Estate Country Head – Germany at Barings, says, “This acquisition aligns perfectly to the strategy for this mandate, which targets stabilised income-producing Grade A retail and office assets in strategic locations in Germany. Newly built, this high quality and modern retail park is let to two dominant retailers, which have complementary product offerings, adding to the attraction of this asset for the local community.” The image by gigel is from Wikimedia and is reproduced under CreativeCommons.
GERMANY: OFFICES BOUGHT FOR €72M
DIC Asset AG has signed the notarial contract for the Gate 9 (Gate Neun) multi-tenant office building in Leinfelden-Echterdingen. The property was sold by Objekt Fasanenweg Leinfelden GmbH & Co. KG/ The property was acquired for around €72 million (total investment costs). It is already generating rental cash flows from one tenant and two additional tenants will move in 2021. The gross rental yield by the time the building is fully occupied latest by end of 2021 will be at an attractive 5.3%. CEO Sonja Wärntges says, “We are happy to broaden the footstep of our portfolio in the Stuttgart region with the structuring of this attractive off-market deal with significant value-add potential.”
Sources: https://www.dic-asset.de/en/ir/disclosures/eqs/?story=2028585 and https://gate-neun.de/
For more CRE deals see https://www.consorto.com/blog/diamond-building-is-a-gem-of-a-purchase/