Chambers Street Properties has acquired two warehouse/distribution properties in Germany totalling approximately 763,000 square feet (70,861 square metres).
The properties were acquired by Chambers Street's existing joint venture with Goodman Group that was formed to acquire stabilised, newly developed buildings in Europe.
"This transaction was a tremendous opportunity to acquire two high-quality industrial properties in two dynamic logistics markets in Europe," says Jack A Cuneo, president and chief executive, Chambers Street. "The properties are strategically located and were built to a very high standard, and represent the types of opportunities we are able to source through our strategic relationships."
Both properties are located in primary logistics regions providing access to Germany's extensive transportation networks.
Hansalinie Distribution Center, a 320,463 square foot (29,772 square metres) warehouse/distribution property, is located in the strategic port city of Bremen. Hansalinie Distribution Center is 100 per cent leased to Lear Corporation.
The second property, Logistikzentrum Bodenheim, is a 442,278 square foot (41,089 square metres) multi-tenanted warehouse/distribution facility located in the Frankfurt MSA, approximately 15 miles from the Frankfurt International Airport. Logistizentrum Bodenheim is 100 per cent leased to Geodis and Poco-Domäne.
Chambers Street's pro rata acquisition cost for the two properties totalled approximately USD49.9m.
"These newly developed properties are net leased to excellent tenants and are consistent with our broader strategy of expanding our portfolio in the industrial property sector," says Philip L Kianka, executive vice president and chief operating officer, Chambers Street.