A joint venture between Zurich-based investment and asset manager StoneVest and US group Madison International Realty has acquired a light industrial property south of Berlin, Germany, from KWC Aquarotter, a provider of sanitary fittings for public facilities.
Financial details were not disclosed.
The asset, which comprises 15,500 square metres of warehouse and office space, has been acquired via a sale and leaseback transaction, with KWC Aquarotter signing a long term lease, over 15 years, as part of the agreement.
The acquisition is the latest deal for the joint venture that aims to purchase up to €150 million of light industrial and logistics properties over the next three years. The joint venture is focused on sale and sale and leaseback deals on new and existing properties valued between €10 million and €50 million in Germany, Austria and Switzerland.
StoneVest is responsible for the asset management of the property, which was completed in 1997 and subsequently refurbished in 2005. StoneVest will work closely with KWC Aquarotter to ensure the space aligns with the tenant’s long term business objectives, including advancing digitalization and supporting ongoing "nearshoring". Madison and StoneVest also aim to make improvements to the asset’s ESG performance.
Source: propertyeu.info on the 11th of April, 2024
https://propertyeu.info/Nieuws/Madison-and-StoneVest-acquire-light-industrial-property-in-Berlin/272e9d29-bbfa-4c6d-ab0b-2680653d372f