RLI Investors buys first properties for “RLI Logistics Fund – Germany II”
RLI Investors (RLI) has kick-started its “RLI Logistics Fund – Germany II” with the acquisition of two logistics properties totalling 53,300 sq m, in Bruchsal, near Karlsruhe, and Ludwigsburg, close to Stuttgart, from alstria office REIT-AG for around 33.5 million Euros. The fund completed its first closing in May 2017 having raised 100 million Euro from well-known institutional investors.
Katrin Poos, managing director of RLI, comments: “Coming swiftly after the first closing, these significant acquisitions are a fantastic way to start to the investment phase of our second fund. Both properties have high value-add potential, coupled with good alternative use possibilities and sustainable cash flows. We are already investigating further acquisitions and opportunities.”
The asset in Bruchsal, situated on Vichystrasse in the “Kändelweg Süd” commercial area, was constructed in 1990. The two main tenants, Esperia Logistics GmbH and Trans-o-flex, occupy 88% of the total lettable area, which is around 22,700 sq m.
The second property is on Carl-Benz-Strasse, in the “Ludwigsburg Nord” commercial area. A two-storey logistics building dating from 1971, it has a total floor area of around 32,600 sq m. The property is 95% let. The major tenants are DPD GeoPost GmbH and TNT Innight GmbH & Co. KG.
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.
Agents BNP Paribas Real Estate GmbH and lawyers RA Kanzlei Görg advised on the transaction.