GLP Capital Partners (GCP) has acquired three logistics properties in Germany from SEGRO European Logistics Partnership (SELP) for an undisclosed price.
The fully let logistics assets are located in Neuenstadt, Grevenbroich-Kapellen and Malsfeld and offer 129,000 sq m (circa 1.4m sq ft) in total.
The transaction is in line with GCP’s strategy of acquiring high-quality logistics assets in key European markets, which enhance its portfolio and help meet the evolving needs of its customers and investors.
Jim Hartley, managing director Germany and Netherlands at SEGRO, said: “This transaction is another great example of our capital recycling programme. The close working relationship between SEGRO’s asset management and investment team in Germany is very evident and is producing some excellent results for our shareholders. SELP will reinvest these proceeds into higher value add activities such as our attractive development pipeline. Congratulations to all parties and their advisors on this transaction.”
Patrick Frank, country director Germany at GLP, added: “We are an active investor in the logistics sector and are continuously searching for sites in favourable locations, including existing facilities that can be upgraded. The acquired portfolio is a very good addition to our existing operating portfolio in these logistics markets. The facilities are excellently suited for repositioning by carrying out upgrades that increase sustainability. We will develop this potential with our proven value-added approach.”
Daan van den Hoven, managing director, Europe, at GLP Capital Partners, said: “This transaction is in line with GCP’s stated strategy of acquiring high-quality logistics assets in key European markets, which enhance our portfolio and help meet the evolving needs of our customers and investors. We remain firmly committed to creating value for our investors by optimising returns through the recycling and deployment of capital.”
The transaction was brokered by Knight Frank and JLL. SELP was also advised by CMS Hasche Sigle, BRAND BERGER and ECOVIS. GLP was advised by Greenberg Traurig, TA Europe and Tauw.
