Pan-European investment manager BNP Paribas Real Estate Investment Management has acquired a newly-built grade A warehouse located near Stuttgart in Germany.
Financial details were not disclosed.
Situated in the logistics park Perfekter Standort, between Stuttgart and Karlsruhe, the asset has a net lettable area of 15,200 m2 and is fully let to a global logistics service provider.
BNP Paribas REIM acquired the asset on behalf of its Eurozone logistics fund (ELF), managed by BNP Paribas REIM Luxembourg.
'This third acquisition for ELF strengthens the allocation of the fund to core markets in Eurozone,' said Lucas Despretz, fund advisor to ELF.
'The portfolio is perfectly in line with the strategy, as it is composed of modern grade A logistics assets in established logistics location, including last mile logistics assets. Moreover, the properties are fully let to quality tenants, with an average lease duration of 6.5 years.'
ELF is a European Luxembourg fund offering diversification in the Eurozone logistics sector to international institutional investors with a target distribution yield of 6% p.a. Since its inception in Q3 2017, the fund has secured more than €140 mln of equity commitments, representing an investment capacity of approx. €230 mln.