Cording Real Estate Group, acting as local partner, has acquired three light industrial properties in association with Israeli insurance company and pension manager Migdal, from ThreadGreen Industrial, who was advised by Gramercy Europe.
The total transaction cost is around €55.7 mln.
The deal was concluded via an equity-only investment, without leverage. Migdal invested 95% of the equity and Cording together with the Edmond de Rothschild Group accounted for the remaining 5%.
The so-called Robin portfolio comprises three properties with a total lettable area of around 70,000 m2. The properties are all fully let to two subsidiaries of global concerns on triple-net (FRI) leases, extending until at least 2030.
Cording, a Northern European real estate investment firm and majority-owned by Edmond de Rothschild, is assuming responsibility as a single source for the asset and property management, together with the technical management of the properties, as a vertically integrated investment manager.
The assets comprise a property in Stuttgart, with a lettable area of some 45,250 m2, a 7,750 m2 property in Baienfurt near Ravensburg, and an almost 17,000 m2 property in Kriftel, near Frankfurt.
Jonathan Ross, head of international real estate at Migdal said, 'The acquisition of this light industrial portfolio in Germany is an important step forward in achieving our long-term strategic goals to deploy capital into high- quality properties located in the German market and into the logistics/light industrial sector. Moreover, the partnership with Cording Group adds another world-class manager to our overseas team.'
Alistair Calvert, CEO of Gramercy Europe, added: 'This portfolio has generated exceptional returns for our investors over a hold period of almost 10 years. The assets were part of our first fund which has performed extremely well and is now coming to the end of its natural life cycle.'
CBRE acted on behalf of the vendor in the transaction. Cording was advised by Fried, Frank, Harris, Shriver & Jacobson. Migdal was advised by DLA Piper.