Three logistics properties have under the name Brixton Park have been acquired by Citi Property Investors.
The purchase was made from Deka Immobilien. The firm wouldn’t disclose the acquisition price but said it was “a middle-sized double-digit million figure.” The properties previously belonged to the real estate assets of the WestInvest I open-ended public fund.
The properties are located in established logistics locations in Neuss and Erkrath, Germany. Completed in the early 1980s the buildings have over 61,000 square meters of lettable area. The most important tenants are the Danish furniture retail chain BoConcept, the Japanese logistics company Mitsui-Soko, and Sangro Medical, warehouse managers and suppliers of medical consumer goods. Citigroup plans an ongoing refurbishment.
Citi Property Investors has an investment value of over $12 billion and has offices in New York, Los Angeles, London, Shanghai, Hong Kong and Frankfurt and a representative office in Mumbai. Last week Citi Property Investors and Gazit-Globe agreed to invest up to €800 million ($1.2 billion) in Vienna-listed European developer Meinl European Land.