CBRE Global Investors has sold a distribution centre in Germany's Bavaria region to a fund of Savills Investment Management.
The 36,500 m2 property in Straubing was originally built as a tyre warehouse, but was repositioned by CBRE GI and since 2018 has been fully let to Encore GmbH, a joint venture of BMW and the Alba Group which specialises in the disposal of automotive parts.
The warehouse is on a 63,500 m2 site in the port of Straubing-Sand, about nine km from the city centre and around 140 km from Munich.
Both parties agreed not to disclose the purchase price.
Savills acquired the property for its pan-European fund IMF 2 and said it would be transferring other assets to the portfolio, which now comprises 14 assets in five countries.
Daniel Hohenthanner, investment director at Savills IM, said: 'This property fits very well with our strategy and increases the diversity of the fund in terms of location and tenant profile.'
Savills IM was advised on the transaction by Mayer Brown LLP and Arcadis, among others.