Granite REIT has agreed to acquire a European portfolio consisting of 2,465,000 square feet in properties spread across Germany and the Netherlands from funds managed by AEW Europe. The purchase price is €129 million.
The portfolio consists of seven properties; four located in Germany and three located in the Netherlands. Each of the properties is presently single tenant, 100 per cent occupied, with a flexible design and multiple enhanced features (security, mezzanines, excess truck and trailer storage). The clear height of all of the buildings exceeds 34 feet with greater than 37 truck docks per property. The average age of the properties is 10 years. The 7 tenants include ALSO Actebis, Kühne + Nagel, Meyer & Meyer, Ricoh, Tchibo, DB Schenker and Van Uden Logistic with a weighted average lease term of 5 years.
Tom Heslip, Granite REIT’s CEO, commented that “This is a major transaction that brings Granite’s total acquisitions thus far in 2013 to approximately C$300 million comprising 4.6 million square feet of state of the art, strong tenanted, well located logistics and distribution properties and new development sites.”