- 162,000 sqm 100% leased to high quality tenants
- Grows BGO’s German portfolio to nearly 600,000 sqm
- BGO has now invested over €650m in German logistics market
London (June 24, 2021) — BentallGreenOak has today announced the purchase of two prime logistics assets in Germany. Acquired via two separate transactions, these assets bring an additional 162,000 square meters to the firm’s German portfolio and brings its total investment in the country to over €650m.
The first acquisition is a 81,000 sqm logistics asset in Rheinland-Pfalz which benefits from good accessibility to major infrastructure nodes. The asset comprises a combination of the refurbishment of an existing 39,750 sqm asset and the development of a 41,120 sqm extension. Both parts of the asset are on a 10-year lease to a leading German automotive manufacturer. Apeiron Capital Limited sourced the acquisition and will act as development manager for the extension, while DZ Hyp provided acquisition financing.
The second acquisition is a 81,000 sqm state-of-the-art logistics asset in Worms, which has the potential for a further 7,500 sqm extension. It is leased on a long-term basis to a global technology and services business and is used as it European e-commerce fulfillment facility. Deka Bank provided acquisition financing.
Toby Phelps, Managing Partner at BentallGreenOak, commented: “We are delighted to add these high quality, well leased assets to our portfolio. We expect them to achieve a stabilised yield above 5% and deliver attractive risk-adjusted returns to our fund investors.”
The acquisitions represent BentallGreenOak’s continued expansion into the German market. Since 2019 BGO has acquired numerous modern, Grade-A warehouses in the country amounting to ca. 590,000 sqm of GLA and over €650 MM of invested capital across Core+ and Value-Add strategies.
BentallGreenOak was advised by BCLP and Gleeds on both purchases. KPMG advised BGO on the second asset.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $62 billion USD of assets under management (as of March 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
In Europe, BentallGreenOak is a leading investment manager with over 50 professionals and $5.2 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. The firm has acquired or developed over 150 logistics assets comprising 5.1 million square meters (55 million square feet) since 2015. BentallGreenOak’s investment vehicles have assembled a large and diversified land bank across Europe, currently owning or controlling over 1,000 acres of land (capable of building over 23 million square feet of space) zoned for Logistics, Data Centers and Cold Storage.
BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates. As of 1Q21, BentallGreenOak changed its definition of Total AUM to include certain uncalled capital commitments for discretionary capital until they are legally expired and continue to exclude certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
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