Real estate investor and manager Cromwell Property Group, acting on behalf of Cromwell European Real Estate Investment Trust (CEREIT)1, has completed the acquisition of a 30,577 sqm freehold logistics asset in Sangerhausen, Germany.
Comprising 28,060 sqm of warehouse space, 2,315 sqm of office space and 182 sqm of other spaces on a site totalling 79,000 sqm, the asset is fully let until 2024 to Euro Pool System International GmbH, a market leader in the field of reusable packaging in the European fresh food supply chain. Constructed in 2017 as a modern logistics facility, the asset could be repositioned to accommodate a multi-occupier strategy, if required.
Located in Sangerhausen, a town in the central German region of Saxony-Anhalt, the site has excellent connection to the German autobahn network, providing access to sizeable German cities such as Berlin to the north-east; Leipzig and Dresden to the east; Erfurt, Nuremberg and Munich to the South; and Kassel and Dortmund to the west.
Michael Bohde, Head of Germany at Cromwell Property Group, commented, “The Sangerhausen asset is the fourth light industrial / logistics asset that we’ve acquired in Germany on behalf of CEREIT this year.”
“From an investor perspective, this is a highly attractive asset: leased to a market-leading occupier operating in a growth sector and located in a strategically important central location in Germany.
We intend to further grow Assets under Management for CEREIT and other capital sources in Germany”.
Cromwell was advised by JLL Berlin. The seller was advised by Assetando Real Estate GmbH, a German fund & asset manager and a subsidiary of the Ernst Russ AG.
1. This is pursuant to a master property and portfolio management agreement entered into among the trustee of CEREIT, the manager of CEREIT and Cromwell Europe Limited (a wholly-owned subsidiary of Cromwell Property Group) at IPO dated 22 November 2017.