South Korean investor acquires German logistics facility
Avignon Capital and Pierce Capital Investments have completed the acquisition of a 90,000-square-meter (967,000-square-foot) Volkswagen logistics and warehouse unit in Munich from a private vendor. The investment was successfully completed together with Hyundai Asset Management on behalf of South Korean investors. The purchase price was not disclosed.
The asset is fully leased to Volkswagen and serves as a strategic operation for southern Germany and Austria. While Volkswagen has been in continuous occupation since 1974, expanding into new buildings over the years, the asset offers a number of potential value-enhancing opportunities, including initiatives such as actively engaging with the tenant to improve lease expiry profile and site expansion. This single-tenant logistics unit is strategically located in the center ring of Munich city. Avignon Capital and Pierce Capital will act as joint asset and investment managers for this property.
Phil Walker, head of inves