Logistics real estate fund manager Clarion Partners Europe has boosted its German presence with the acquisition of a 100,000 square meters warehouse in Dieburg, near Frankfurt.
The property was purchased from German investment manager Union Investment, for one of Clarion's co-mingled funds.
The Hamburg-based investment manager held the property in the portfolio of one of its open-ended funds for 10 years. At the time of construction, the project was valued at €50-60 million.
Completed in 2015, the fully generic warehouse is leased to a subsidiary of Fiege Logistik Stiftung & Co. KG and serves as a key operations center for tire supplier Pirelli, with the capacity to store up to two million tires.
Aligned with Clarion Partners Europe's commitment to sustainable real estate, the property is DNGB Platinum certified, featuring LED lighting and solar panels.
Source: propertyeu.info on the 6th of October