RLI Investors acquires over 40,000 square metre property for “RLI Logistics Fund–Germany II”
RLI Investors has acquired a logistics property in Dormagen, North Rhine-Westphalia, for the “RLI Logistics Fund–Germany II”. Situated in the top 5 Dusseldorf logistics region, the purchase price of the property was ca. 31 million Euro. The vendor is the open-end real estate special AIF BEOS Corporate Real Estate Fund Germany II.
Built in 1978, the property stands on a 107,000 square metre site, with approved 24-hour use, in the “St. Peter” commercial area. Comprising four halls, it provides around 40,400 square metres of accommodation. The tenant is Müller – Die lila Logistik OST GmbH & Co. KG.
The asset has considerable expansion potential, on which RLI intends to develop additional modern logistics space. The company will be able to take advantage of its in-house development expertise, as demonstrated by its current project for ca. 30,000 square metres of new logistics space near Berlin.
“We are very pleased to be able to acquire this property in the Dusseldorf region, where there is a shortage of large logistics space, for the portfolio of the “RLI Logistics Fund–Germany II”. As demand for logistics space close to the cities is continuously expanding and there is a paucity of competing locations in the surrounding area, we see considerable potential for value growth in the asset”, comments RLI Managing Director Katrin Poos.
REALOGIS advised the vendor, in the framework of a structured sales instruction. The Luther Rechtsanwaltsgesellschaft mbH advised RLI on legal and taxation issues.
The fund was launched in early 2017, since when RLI have already acquired eight properties, rapidly placing the investors’ capital even in a highly competitive market. Four more are in the process of being acquired.
Currently, RLI have further capital commitments from institutional investors for the open-end real estate special AIF “RLI Logistics Fund–Germany II” and is about to conclude the third and final closing. Further discussions are planned for this year’s Expo Real.