FRANKFURT, 18 February 2014 – CBRE Global Investors has completed the acquisition of a recently built logistics platform in Falkensee, Germany, developed and constructed by listed Gateway Real Estate AG, for a net initial yield of 6.8%. The asset has been acquired on behalf of one of its separate account clients.
The 22,445 sqm platform is located in Falkensee, in the Berlin area. The recently constructed building is fully let to logistics provider BLG on a long term lease.
John Ozinga, Head of Separate Accounts Continental Europe, CBRE Global Investors, said:
“Our client is in the process of repositioning its real estate portfolio and diversifying across Europe. We have recently disposed of Westend Duo in Frankfurt, and reinvested into the Italian shopping center Limbiate and the French logistics asset in Pusignan and this acquisition is the first of additional investments across Continental Europe.
The asset fits with the requirements of our client as we are focused on enhancing direct returns and diversifying the portfolio across Europe.”
CBRE Global Investors has further retail and logistic investments in Belgium, France, Germany and Italy under offer for their client, which are expected to complete in the upcoming months.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.1 billion in assets under management* as of December 31, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.