German company LIP Invest has acquired a logistics property in the northern German city Braunschweig for its LIP Real Estate Investment fund – Logistics Germany fund from a local investor.
Financial details were not disclosed.
The 36,000 m2 distribution centre was acquired in an off-market transaction brokered by Engel & Völkers Hannover. The building, completed in two phases in 2006 and 2008, is divided into five sections and is wholly let to a wholesale and distribution company.
The seller is a Braunschweig-based company specialised in the acquisition, letting and management of commercial and investment properties. The transfer of ownership is scheduled on 1 September.
In addition to two other acquisitions currently ongoing, LIP Invest will acquire three properties in the next three months for a total sum of €80 mln.
‘Through this, a third of the fund will quickly be invested and soon offer the investors a good basis for calculation,’ said Sebastian Betz, head of acquisition and asset management at LIP Invest.
LIP Invest said it planned to invest up to €300 mln in logistics property via its open-ended special property alternative investment fund.