Princeton-based real estate investment trust Chambers Street Properties announced Thursday its acquisition of two proper tie sin Germany totaling 763,000 square feet of warehouse and distribution space.
According to the announcement, the properties were acquired by Chambers Street's existing joint venture with Goodman Group, formed to acquire stabilized, newly developed buildings in Europe.
Both properties are located in primary logistics regions providing access to Germany's extensive transportation networks. Hansalinie Distribution Center, a 320,463-square-foot warehouse and distribution property, is located in the strategic port city of Bremen and is 100 percent leased to Lear Corporation. The second property, Logistikzentrum Bodenheim, is a 442,278-square-foot multi-tenanted warehouse and distribution facility located about 15 miles from the Frankfurt International Airport. Logistizentrum Bodenheim is also 100 percent leased, to Geodis and Poco-Domäne. Chambers Street's pro rata acquisition cost for the two properties totaled approximately $49.9 million.
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 about $42.2 million, Chambers Street said in a statement.
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