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.”

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