Financial details were not disclosed.

Camila Malzkorn, vice president at Valor REP, commented: 'We are pleased to secure two high-quality city logistics properties in strategically important infill markets for our investors in the competitive German market.

'Both properties in Berlin and Frankfurt benefit from their central location and direct access to both the urban and wider metropolitan area.'

According to Valor REP, both transactions were agreed and exchanged pre-lockdown, but closed post-lockdown. Financing for both assets and the lease for the Frankfurt asset were closed post-lockdown.

According to Valor REP, the Spandau market is one of the key supply chain markets for Western Berlin, benefiting from its strong connectivity to Central Berlin. The asset there has been part of the open-ended real estate special-AIF BEOS Corporate Real Estate Germany I (CREFG I) since 2010, which is managed by Service KVG Intreal.

The second acquisition is located in Frankfurt´s district Offenbach in Carl-Legien-Str. 22 and was acquired in an off-market transaction from a private owner.

The 8,000 m2 logistics facility was vacated by the prior owner and subsequently let by Valor to a food logistics group shortly before closing the transaction. The tenant will utilise the facility as their urban distribution centre for the Greater Frankfurt market.

'The emerging e-commerce sector and urbanization are increasing demand in supply constrained submarkets close to city centres,' added Malzkorn. 'We continue to see strong rental growth in these markets due to an imbalance between supply and demand.'

Colliers International represented the vendor in the Berlin sales process, while BNP Paribas represented the seller in Frankfurt.

Both purchases were financed by BayernLB. Valor was advised by CMS Hasche Sigle.

Valor has acquired logistics properties worth € 750 mln GAV in 36 transactions in the United Kingdom, France and Germany since the fourth quarter of 2016.