Pan-European real estate investment manager Vengrove has completed the acquisition of a 6,026m² (c. 64,900ft²) logistics asset in Wuppertal for €14.70m (c. £12.6m).
The transaction marks the company’s second major acquisition in Germany’s largest metropolitan region, the Rhine-Ruhr, in two months.
It also follows the €23.10m (c. £19.8m) purchase of a 16,571m² (c. 178,400ft²) unit in Leverkusen in July, taking Vengrove’s committed capital in the region to €37.8m (£32.4m) across 22,597m² (c. 243,250ft²).
Korbinian Kirchner, partner & head of Germany at Vengrove, said: “The Rhine-Ruhr region typifies VREELP’s locational thesis, which is to target dense metropolitan areas with excellent transport links and a structural shortage of modern space.
“Adding an asset of this physical quality, with the durability of income this occupier provides, is accretive to the portfolio. Germany remains a high-conviction market for us and we expect to remain active there.”
The acquisition, from an institutional vendor, is the latest German asset for VRE Evergreen Logistics Partners (VREELP).
VREELP invests in light industrial and logistics assets in urban metropolitan areas, logistics corridors and close to transport hubs in and around core cities in Germany, France and the UK.
The Wuppertal asset comprises a 6,026m² (c. 64,863ft²) logistics unit built in 2015 to a high specification, with the cross-docked unit has 59 loading doors and 27% site cover, and includes extensive EV charging infrastructure supporting the occupier’s increasingly electrified delivery fleet, alongside photovoltaic coverage to the roof.
Will Hunting, partner & head of European acquisitions at Vengrove, said: “We have completed two acquisitions in the Rhine-Ruhr in under two months, which reflects both our conviction in the German market and the strength of our local team on the ground in Germany.
“Wuppertal is a modern, highly specified facility let to a strong occupier with a long-term operational requirement, in a submarket where supply is genuinely constrained. It is precisely the kind of asset VREELP’s strategy is built around.”
