BERLIN-Tristan Capital, through its Curzon Capital Partners III Fund, has purchased six logistics facilities throughout Germany from San Francisco-based Prologis for $183 million. The properties include 15 sites, including six warehouses and two industrial parks, totaling 2.3 million square feet.
The properties are in Malsfield, Saarwellingen, Leipzig, Herbrechtingen, Neuenstadt and Herford. Most of the sites were built in the past three years.
Ric Lewis, Tristan CEO, said in a statement that the CCP III fund has raised $558 million during the past eight months. “Prologis wanted to sell the entire logistics portfolio over a relatively short time period,” he said. Cologne-based Alpha Industrial invested with Tristan on the purchase, and will act as operating partner.
Tristan has been investing in logistics and office properties in Europe, including the March purchase of two office buildings in the Bockenheim district of Frankfort for $118 million, six industrial parks in the Czech Republic for $184 million in November 2011, and a partnership in January with Helios Europe to build three logistics parks here in Germany for $329 million. “The lack of development in (the logistics) sector in the past few years means it will disproportionally and quickly benefit from any pick-up in the pace of economic recovery,” said Cameron Spry, Tristan’s capital head of investments, in the statement.
In a separate statement, Prologis said the German properties are part of $605 million in building and land dispositions in Europe during the first quarter. The other sales included 11 properties in Poland and a 3.5-million-square-foot portfolio in the United Kingdom to unnamed buyers. “We began 2012 will strong progress against our strategic priority of realigning our portfolio,” said Gary Anderson, CEO of the Europe and Asia region for Prologis, in the statement. “The sale of these assets exemplifies the strong institutional demand for high-quality industrial properties in Europe.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
