CBRE IM Purchases MG Real Estate's Danish Logistics Assets
CBRE Investment Management has completed the acquisition of two logistics real estate assets in Denmark from MG Real Estate, bolstering the joint venture's presence in the country.
The first deal involved the purchase of the remaining six logistics units at MG Park Greve in Copenhagen, which comprises 52,177 sqm of warehouse space and 2,590 sqm of office space. The second acquisition saw CBRE IM acquire units 3, 4 and 5 at MG Park Fredericia, totalling 26,789 sqm of warehouse space and 1,685 sqm of offices.
Commenting on the acquisitions, Justine Weber Bret, director of asset management and transactions logistics in the Nordics at CBRE Investment Management, said: "With strong occupier fundamentals and resilient demand for logistics space in Denmark, we are delighted to have acquired these logistics assets. Denmark has been experiencing strong fundamentals over the past 24 months and we believe these state-of-the-art warehousing assets will deliver stable and resilient income for our funds."
Meanwhile, Ignace Tytgat, CEO of MG Real Estate, said: "Despite these challenging times due to geopolitics, long-term structural shifts and macro-economics, this strategic partnership confirms MG Real Estate's ambition to strengthen the growth in our logistics portfolio. To establish and strengthen long-term relationships with tenants, MG Real Estate keeps property management in-house. The joint venture with CBRE Investment Management is therefore the right approach."
With these acquisitions, CBRE IM has concluded a series of three transactions in 2022 totalling nearly 60,000 sqm of space, expanding its logistical footprint in 13 countries where it manages €14.7bn worth of logistics assets across 8.5m sqm of space. The joint venture's total logistical space in Denmark now stands at 150,000 sqm.
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