A BMW logistics centre near Munich has been sold to a private consortium for €44m ($60m). The centre had previously been owned by IM Properties, one of the UK’s largest privately owned property companies.
The centre, located in Niederaichbach, is 98,500 square metres and used by BWM for parts distribution purposes. IM Properties acquired phase one of the warehouse facility several years ago, as part of its European acquisition strategy, and during that time developed an additional 55,000 square metres of extended space for BMW since then.
Details of the consortium that purchased the warehouse have not been disclosed.
Warwickshire-based IM Properties’ director of European investments, Simon Reed, commented: “This transaction was the culmination of a longer-term strategy to maximise the value of the original asset by working closely with the tenant and aligning ourselves with their occupational requirements.
“This was a key development for BMW's global growth strategy and the sale represents further evidence of IM Properties' capabilities in fulfilling its asset management capabilities across its European portfolio.”