German listed property company Branicks Group has sold two logistics properties near Munich to an unnamed foreign investor for €80 mln.
Closing of the deal will take place in late December 2023.
The two properties sold are for warehouses/logistics use and have a total area of 72,800 m2 and are fully occupied. The tenants are Imperial Logistics International and LIV (the Scherm Group).
The properties are located on adjacent lots on Lilienthalstrasse (Ludwig-Erhard-Strasse 7, Lilienthalstrasse 8) in the town of Neufahrn in Upper Bavaria, Germany, near Munich Airport.
Branicks has owned the properties since 2007 and 2012, respectively, through its subsidiary VIB Vermögen.
Sonja Wärntges, CEO of Branicks, commented: ‘By selling these two properties that were completed in 1963 and 1964, respectively, we continue to shift our focus to younger, more energy- and climate-efficient properties in the logistics asset class. Moreover, we keep strengthening our consolidated accounts in line with our ‘Performance 2024’ action plan.’
Branicks aims to sell €300-600 mln worth of property by the end of the year and has already divested €225 mln worth.
The divestments are part of its strategy to re-focus on younger, more energy- and climate-efficient properties in the logistics asset class. The deal will also further strengthen the Group’s consolidated accounts.
Branicks Group currently manages 355 assets with a combined market value of €13.9 bn.