Tritax EuroBox has acquired two prime logistics facilities in Bremen, Germany for €60.3m, reflecting a net initial yield of 4.8%.
The company said the assets are “highly reversionary” against current market rents in the area.
Purpose-built in 2013 and 2019 respectively, the two facilities have a combined gross internal area of 57,537 sq m, eaves heights of 12.2 metres along with significant yard area and parking.
The newer property is let to Bremen-based logistics operator Kieserling Spedition + Logistik on a 10-year lease from February 2019. The 2013 property is let to Kieserling Spedition + Logistik, THIMM Packaging Systems, a leading packaging and logistics company and Bremer Spirituosen, on shorter leases with the benefit of a third-party rental guarantee.
The weighted unexpired lease term of both properties is 8.1 years, with rent subject to annual indexation of 85% of the German CPI.
The properties are situated in the prime logistics location of GVZ Bremen, the second largest metropolitan city in north-west Germany and it is the largest freight area in Germany.
Tritax EuroBox now has a logistics portfolio across Continental Europe that totals €670m, of which €212m is in Germany.
EBOX : Tritax EuroBox buys two logistics facilities in Germany
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