Henderson GI and Palmira acquire German distribution centre
Henderson Global Investors and Palmira Capital Partners have acquired a distribution centre in Bruchsal, Germany from a foreign investment Fund.
The purchase price has not been disclosed but it represents a net initial yield of 11%. It represents the fourth acquisition for the Fund following assets in Bad Durkheim, Elmenhorst near Hamburg and Herrenberg near Stuttgart.
The asset is situated in an industrial park at motorway A5 between Heidelberg and Karlsruhe and consists of c. 8,000 sq m of distribution space with an additional c. 2,000 sq m of office space. An adjacent plot provides the opportunity for an extension of the existing buildings or the development of a new distribution centre.
The asset is leased to Spengler, one of the world’s largest manufacturers of automatic vending machines. There are 5 years remaining on the lease.
The Henderson German Logistics Fund is a partnership between Henderson’s German Property Business and Palmira Capital Partner, a specialist in logistic real estate acting as Investment Advisor to the Fund.