RLI Investors acquires fourth property for “RLI Logistics Fund – Germany II”
RLI Investors (RLI) has acquired yet another property for its “RLI Logistics Fund – Germany II”. Following the recent purchases in Bruchsal, Ludwigsburg and Monchengladbach, a fourth property, in Knüllwald, close to Homberg (Efze) in northern Hesse, has now been acquired. The vendor is the joint property holding company of Isarkies Wohn und Gewerbegrund GmbH & Co. KG and Hamdi Group Kronau. The purchase price is around 14 million Euro.
The property, constructed in 2016, is situated in the Knüllwald-Remsfeld commercial area, between Kassel, Marburg and Bad Hersfeld, one of the strongest logistics regions in Germany. The property, providing around 7,800 sq m of warehouse space and 27,500 sq m of surfaced exterior space, is let on a long lease to Palletways Deutschland GmbH.
This modern logistics property complies with all the Fund’s requirements. Apart from the high quality of construction and finish, the property has useful extension opportunities and very good alternative use possibilities. It benefits from excellent road connections, with a junction on the A7 motorway only 500 metres away.
Luther Rechtsanwaltsgesellschaft mbH advised RLI on the legal aspects of the transaction, while Dr. Manfred Tauber of the Reitz Hilka practice acted for the vendor. The deal was brokered by commercial agent Joachimsthaler GmbH.
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. After completing its first closing in May 2017, the fund has already raised 100 million Euro from well-known institutional investors, which is now being swiftly invested. The second closing is scheduled for the end of 2017.