Insight Investments has completed the first acquisition in its €600m (£413m) Insight European Real Estate Trust investment programme.
The €14.25m (£9.8m) acquisition is the start of a programme of commercial real estate acquisitions for IERET across Western Continental Europe.
The purchase consists of a 21,356 sq m prime logistics warehouse in Alovera, Spain, currently leased to Tech Data, a specialised information technology and logistics operator.
The property was acquired from German institutional savings bank fund BVG after a competitive auction.
BVG is managed by Real IS, the real estate manager of Bayerische Landesbank.
Cushman & Wakefield Healey & Baker advised BVG.
References: EGi News 03/08/05
