LANGENBACH, GERMANY-A co-investment venture of CB Richard Ellis...

LANGENBACH, GERMANY-A co-investment venture of CB Richard Ellis Realty Trust and the Australia-based Goodman Group has purchased its third industrial property in Germany. The venture agreed in June to acquire the assets, totaling more than one million square feet, from Goodman for about $65 million.

The recent purchase was a 225,000-square-foot facility recently built for, and leased by, logistics firm DSV. The company uses the property for accessibility to Bavaria and Munich.

The other two properties included a 387,000-square-foot warehouse in Duren and a 452,000-square-foot industrial property in Schonberg. These properties were purchased when the venture was announced, the third building here was not completed at the time.

In June, the CBRE trust and Goodman announced the establishment of two co-investment vehicles, for a $1.3 billion relationship. The ventures are funded on an 80/20 basis, with the trust holding the majority share. The UK Co-Investment vehicle is a three-year initial investment of property for almost $700 million, and the European Co-Investment Vehicle is also a three-year investment of about $575 million, with targets sought in Germany, France, Belgium, Luxembourg and the Netherlands. Goodman has a $7 billion development pipeline in the United Kingdom and Europe.

Philip Kianka, EVP and COO with the trust, tells GlobeSt.com that certain markets in Germany are experiencing strong logistics growth. ?There?s a fair amount of obsolescence in the German industrial market. We?re thinking this is an advantageous position to own here,? he says. The trust has a strategy of targeting up to 30% of its assets in markets outside the United States.