Press Release: RLI acquire property in Monchengladbach for RLI Logistics Fund – Germany II
RLI has acquired another property for its RLI Logistics Fund – Germany II in the framework of an off-market deal from the REDEVCO Group. The purchase price is around 30 million Euro.
Following last month's acquisitions in Bruchsal and Ludwigsburg, the logistics property in Monchengladbach is the third property to be acquired for the fund's portfolio within a short period. The fund completed its first closing in May 2017, by when it had already raised 100 million Euro from well-known institutional investors. The second closing is scheduled for the end of 2017.
The fully let property in Dieselstrasse, Monchengladbach is clothing retailer C&A Mode GmbH & Co. KG's largest and most important logistics centre in Europe. The company is the sole occupier of the around 64,000 sq m of accommodation provided by the asset.
Katrin Poos, managing director of RLI, comments: "The expansion of the portfolio of the RLI Logistics Fund - Germany II in such a short period emphasises our competence in identifying and acquiring interesting investment properties in the market. We benefit from our existing network of offices and the close cooperation with developers. RLI is already investigating further purchases."
"In addition, we are fulfilling the promise to our investors that the subscribed capital would be invested rapidly", adds Wolfgang Holzberger, who is the joint head of RLI with Poos and is responsible for transaction management and investor support.
The open-ended special AIF RLI Logistics Fund – Germany II invests in a diversified portfolio of logistics property in Germany. The target investment volume is 350 to 400 million Euro.´
RA Kanzlei Görg advised RLI on the legal aspects of the transaction, while Hogan Lovells acted for the vendors.