26 September 2017
Kassel, Germany
Reporter: Theo Andrew

90 North exits Volkswagen logistics centre for €52 million

Israeli fund manager MiDeal Group has acquired the Volkswagen logistics centre in Kassel, Germany, from 90 North Real Estate Partners, for €52 million.

The 90,300-square metre property, is leased to and operated by Rudolph Automotive Logistik, long-standing partners of Volkswagen.

Located in Volksmarsen, Germany’s automotive hub, the asset is currently on a 10-year sub-lease to Volkswagen.

This is the London-based investment manager’s third disposal this year, and its second in Europe, taking its exit transaction total to €135 million since the start of 2017.

In July, 90 North sold an Oslo warehouse for £49.4 million to Fabritius Gruppen, while in April it exited the Siemens UK gas turbine HQ in Lincoln, for an estimated £35 million.

According to 90 North, the firm will continue to target opportunities in Germany and continental Europe.

Nick Judd, founder of 90 North, said: “The sale of the Rudolph property follows a period of very attractive income returns from the property. In the current investment climate, where the global ‘hunt for yield’ continues and there is a limited supply of high quality assets, we were naturally reluctant to recommend a sale. However, the sale price achieved was very attractive.”

Raviv Koren, managing partner at MiDeal Group, said: “This acquisition fits with MiDeal Fund's strategy to purchase German income-producing properties in good locations with strong tenants. Such acquisitions enable MiDeal Fund to distribute an attractive annual fixed-income cash flow to its investors.”

More European news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Worcestershire pension fund commits £20 million to AEW fund
01 December 2017 | Worcestershire | Reporter: Barney Dixon
The Worcestershire County Council Pension Fund has committed £20 million to the AEW UK Real Return Fund, bringing the fund to a total of £86 million
Colonial secures €416 million for Axiare takeover
30 November 2017 | Madrid | Reporter: Barney Dixon
Inmobiliaria Colonial has secured €416 million as part of its takeover bid of Axiare Patrimonio Scoimi
AXA IM - Real Assets completes Leipzig shopping centre acquisition
29 November 2017 | Leipzig | Reporter: Jenna Lomax
AXA IM - Real Assets has completed the acquisition of a shopping centre in Leipzig, Germany, for €132.5 million
Allianz and ABN AMRO provide €300 million loan for Dutch office
24 November 2017 | Amsterdam | Reporter: Theo Andrew
The consortium, comprised Amundi Real Estate and several Korean investors, purchased the 60,000-square metre property, constructed in 1976 but recently refurbished