Europa Capital, the pan-European real estate investment manager has acquired a portfolio of three logistics assets totalling c. 42,600 sq m in northwestern Germany, from a consortium of private owners.
The properties, which are located in prominent logistics hubs near the cities of Osnabruck, Bremen and Braunschweig, are fully let to Lekkerland, the convenience goods wholesaler recently acquired by REWE, with a WAULT of 2.7 years and an opportunity to extend these leases in the short term. It also marks the start of a wider investment programme that will target similar high yielding assets surrounding urban centres in both Germany and other developed European markets, where there are opportunities for Europa Capital to add value for its clients through active asset management.
Nic Fox, Partner at Europa Capital, said: “This investment presents an opportunity to acquire an attractive logistics portfolio that, against the backdrop of COVID-19, we believe will be resilient both in terms of the asset class, location and the tenant’s operations in the grocery sub-sector.
