Frankfurt, 19 March 2019. CBRE Global Investors has sold the Europaring 11 logistics building in Straubing in south-western Germany to a fund of Savills Investment Management KVG GmbH.
The 36,500 m² asset was originally built as a tyre warehouse and, after its successful repositioning by CBRE Global Investors, has been fully let to Encory GmbH, a joint venture between BMW and the ALBA Group, since 2018.
The logistics property with a site area of around 63,500 m² is located in the freight centre in the port of Straubing-Sand, around nine kilometres away from Straubing city centre. It is connected to the regional and inter-regional transport network via the B 20 main road.
“The sale is excellent proof of our in-house logistics expertise. In a period of just three years, we were able to achieve a successful repositioning with a subsequent exit to the benefit of our investors,” said Tore Gehres, Head of Asset Management Office & Logistics Germany at CBRE Global Investors.
Encory provides disposal solutions for automotive parts and related logistics and consulting services. The company increases the level of recycling for automotive parts.
The buyer was advised by CBRE GmbH (brokerage), JonesDay (legal) and CBRE Preuss Valteq (technical due diligence).
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $105.5 billion in assets under management* as of December 31, 2018. 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:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.