KanAm Grund Group has purchased the seventh logistics asset, the Lambda property, in Germany for its open-ended real estate investment fund Leading Cities Invest.
Located near the German city of Chemnitz, the Core Plus property classified as Light Industrial further diversifies the portfolio of the retail fund.
The parties agreed not to disclose the price of the transaction.
As an addition to the Leading Cities Invest office property portfolio at European locations, six logistics properties have been acquired in Germany since 2018. Following the acquisition, the investment fund’s logistics portfolio now consists of seven properties spread across central and northern Germany, representing around 5 percent of the fund’s assets.
The long-term tenant of the property in Hartmannsdorf near Chemnitz is the long-established company Diamant Fahrradwerke GmbH, with origins dating back to the 19th century. Today, the company belongs to the American bicycle and cycling product manufacturer Trek Bicycle Corporation.
According to KanAm Grund, with investment exceeding 10 billion euros last year, logistics properties were the second most important commercial real estate class in Germany, after office space.
Market reports indicate that industrial and logistics properties accounted for more than 16 percent of the transaction volume in the commercial real estate investment market in 2021, the best result to date, the company said.