Chambers Street Properties (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced the acquisition of two warehouse/ distribution properties in Germany totaling approximately 763,000 square feet (70,861 square meters). The properties were acquired by Chambers Street’s existing joint venture with Goodman Group that was formed to acquire stabilized, newly developed buildings in Europe.
“This transaction was a tremendous opportunity to acquire two high-quality industrial properties in two dynamic logistics markets in Europe,” said Jack A. Cuneo, President and CEO, Chambers Street. “The properties are strategically located and were built to a very high standard, and represent the types of opportunities we are able to source through our strategic relationships.”
Both properties are located in primary logistics regions providing access to Germany’s extensive transportation networks. Hansalinie Distribution Center, a 320,463 square foot (29,772 square meters) warehouse/distribution property, is located in the strategic port city of Bremen. Hansalinie Distribution Center is 100% leased to Lear Corporation. The second property, Logistikzentrum Bodenheim, is a 442,278 square foot (41,089 square meters) multi-tenanted warehouse/distribution facility located in the Frankfurt MSA, approximately 15 miles from the Frankfurt International Airport. Logistizentrum Bodenheim is 100% leased to Geodis and Poco-Domäne. Chambers Street’s pro rata acquisition cost for the two properties totaled approximately $49.9 million.
“These newly developed properties are net leased to excellent tenants and are consistent with our broader strategy of expanding our portfolio in the industrial property sector,” added Philip L. Kianka, Executive Vice President and Chief Operating Officer, Chambers Street.
In addition to the recent acquisitions, the Company also sold its wholly-owned Albion Mills Retail Park located in Wakefield, United Kingdom, and two multi-tenant office properties located in St. Louis, Mo. that were held in its joint venture with Duke Realty. The three properties were sold for approximately $42.2 million.