La Française Real Estate Managers acquires its first German light industrial property from Crescendo
La Française Real Estate Managers, acting on behalf of two collective real estate investment vehicles, has acquired its first German light industrial property from a fund managed by Crescendo Real Estate Advisors LLP.
The property is located in the EUROCOM Business Park, in southeastern Nuremberg close to the Nuremberg Exhibition Centre and 11 minutes from the city centre via the Subway line U1.
Fully renovated in 2019/2020, the asset is let to two tenants and houses the headquarters of Ziehm Imaging GmbH, a medical technology company that manufactures state-of-the-art X-ray equipment and operates under an Environmental, Social and Governance (ESG) charter. The property has green roofs, provides bike storage, is close to public transportation and boasts a good energy performance.
Mark Wolter, Managing Director of La Française Real Estate Managers Germany, commented: “We are pleased to announce the acquisition of our first light industrial property with a tenant operating within the life sciences sector in Germany. This acquisition is perfectly in line with our strategy to diversify our German real estate portfolio regionally as well as by type of use, always paying special attention to ESG criteria. We are positive about the long-term attractiveness of the property itself, the asset class, and the location.”
Thomas Reckers, Portfolio Manager at Crescendo Real Estate, commented: “It has been a pleasure working with La Française Real Estate Managers’ local team. As the final investment of our fund, the sale allows us to settle and distribute the net proceeds to our investors.”
La Française Real Estate Managers was advised by Baker Tilly Rechtsanwaltsgesellschaft mbH on the legal aspects and by CBRE GmbH on the technical due diligence and ESG valuation. JLL handled the marketing of the property on behalf of the seller. Gleeds (technical), CTP Asset Management (property management) and KNH Rechtsanwälte (legal) supported the seller.
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