BNP Paribas REIM has acquired a newly built class A warehouse located in the logistics park Perfekter Standort, between Stuttgart and Karlsruhe, in Germany, from Greenfield Development GmbH.
The asset has a net lettable area of 15,200 square meters (163,600 square feet) and is fully let to a global logistics service provider.
The asset manager acquired the asset on behalf of its ELF fund (Eurozone Logistics Fund), managed by BNP Paribas REIM Luxembourg. It is the fund’s third acquisition. The fund’s portfolio consists of modern class A logistics assets in established logistics location, including last-mile logistics assets.
Since its inception in third quarter 2017, the fund has secured more than €140 million ($159 million) of equity commitments, representing an investment capacity of approximately €230 million ($260 million).
