Pan-European real estate investment manager Vengrove has completed the acquisition of a logistics property in Leverkusen. The transaction value amounts to EUR 23.10 million. Founded in 2013, Vengrove is an independent investment manager focused on the industrial and logistics real estate asset class, having realised a transaction volume of over EUR 1.17 billion. The company has offices in Munich, Paris and London and pursues a vertically integrated approach, with its own teams handling asset and property management, as well as tenant communication, across all target markets.
The acquired property in the Rhine-Ruhr region, Germany's largest metropolitan area, was sold by an institutional vendor. It is the latest German property in the portfolio of VRE Evergreen Logistics Partners (VREELP). VREELP makes investments in light industrial and logistics properties. The focus is on urban agglomerations, logistics corridors and locations near key transport hubs in core cities in Germany, France and the United Kingdom.
The logistics unit covers an area of 16,571 m² and is characterised by modern facilities. These include a clear height of 10 metres, 31 loading docks and a full-area sprinkler system. The yard depth is 50 metres, supplemented by parking spaces for 123 cars and 15 lorries. The property is located at junction 27 of the A59, a central traffic artery between Leverkusen, Cologne and Düsseldorf, ensuring good connectivity within the Rhine-Ruhr region. The logistics vacancy rate in the region is currently below four percent, indicating a limited supply.
The current tenant of the property is TMD Friction, a leading international provider of brake pad technology with a global network of 23 sites in 12 countries and approximately 4,200 employees. Leverkusen's economy is traditionally shaped by the chemical, automotive supply and plastics processing industries. Manufacturing companies there form a constant source of demand, boosted by the e-commerce sector and increasingly the defence industry. The current lease agreement expires at the end of 2027.
Korbinian Kirchner, Partner & Head of Germany at Vengrove, described the acquisition as a targeted expansion of the German logistics portfolio within VREELP. He emphasised that the strategic location, strong market fundamentals and existing development potential provide an excellent basis for value appreciation. The low site utilisation of 21 percent and a reserve area of approximately 15,000 m² offer additional development opportunities, which opens up attractive value creation potential for Vengrove.
Will Hunting, Partner & Head of European Acquisitions at Vengrove, highlighted that Germany represents a central pillar of VREELP's pan-European industrial and logistics strategy. He referred to the advanced consolidation in this asset class, which has led to a small number of independent, pan-European managers with local teams. This situation benefits Vengrove. For the transaction, Vengrove was advised by Simmons & Simmons, Gleeds, KAM and Nova Ambiente. CBRE brokered the deal.
