BentallGreenOak acquires two prime German sheds

Global real estate investment manager BentallGreenOak (BGO) has acquired two prime logistics assets in Germany in two separate transactions.

Financial details were not disclosed.

The deals add 162,000 m2 to the firm’s German portfolio, and bring its total investment in the country to over €650 mln.

The first acquisition is a 81,000 m2 logistics asset in Rheinland-Pfalz, comprising a combination of the refurbishment of an existing 39,750 m2 asset and the development of a 41,120 m2 extension.

Both parts of the asset are on a 10-year lease to a leading German automotive manufacturer. Apeiron Capital Limited sourced the acquisition and will act as development manager for the extension, while DZ Hyp provided acquisition financing.

The second acquisition is a 81,000 m2 modern logistics asset in Worms, which has the potential for a further 7,500 m2 extension. It is leased on a long-term basis to a global technology and services business and is used as it European e-commerce fulfillment facility. Deka Bank provided acquisition financing.

Toby Phelps, managing partner at BGO, commented: 'We are delighted to add these high quality, well leased assets to our portfolio. We expect them to achieve a stabilised yield above 5% and deliver attractive risk-adjusted returns to our fund investors.'

Since 2019 BGO has acquired numerous modern, Grade-A warehouses in Germany amounting to 590,000 m2 of GLA and over €650 mln of invested capital across Core+ and Value-Add strategies.

BGO was advised by BCLP and Gleeds on both purchases. KPMG advised BGO on the second asset.


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