Valad Europe has acquired a logistic asset in Thuringia, Germany for EUR23 million on behalf of the Valad European Diversified Fund (VEDF).
VEDF invests in office, retail and logistics assets across Germany, France and the UK.
The 36,300 sq m logistics building, Holzlandstrasse 1, Reichenbach, is let to Metro Logistics Germany, the logistics division of Metro Group, on a long lease until 2023.
It is located at Hermsdorfer-Kreuz, one of the major motorway intersections in the east of Germany and a growing regional logistics hub.
Andreas Hardt, Valad Europe’s head of Germany, says: “The strategic location, strong covenant and long lease on this building make it an excellent investment and complement the portfolio of assets we are building for VEDF. The fund has now invested circa EUR60 million in Germany so far this year across six assets, with a further EUR90 million under offer or exchanged. We have recently doubled VEDF’s total capacity to EUR1 billion and have in excess of EUR250 million still to invest in Germany, where we believe the fundamentals of the market remain strong and continue to provide attractive investment opportunities.”
Crem-Consult acted for Valad Europe on the transaction.