CBRE Global Investors Acquires Airport Warehouse in Copenhagen
- Apr 21, 2020
CBRE Global Investors has expanded its portfolio of industrial properties in Copenhagen Airport in its latest sale-leaseback transaction. The real assets investment management firm purchased a warehouse distribution center on behalf of a separate account client from Worldwide Flight Services Denmark.
The 35,400-square-meter (381,000-square-foot) industrial property offers approximately 11,700 square meters (126,000 square feet) of leasable space. The property was designed as two cross-dock buildings with a newly constructed interlinked cold storage for pharmaceutical products. The warehouse has direct access to the airport’s runways and air cargo area and also includes a three-story office building and parking for 60 cars.
WFS will remain the tenant of the property and continue operations as the main cargo handler at Copenhagen Airport, focusing on business-to-business operations. The cargo company plans to expand the facility with a new 3,700-square-meter (40,000-square-foot) maximum cross-dock in the next three years to meet demand, as Greater Copenhagen is known as northern Europe’s hub for pharmaceutical logistics.
Growing in Europe
For CBRE Global, the airport warehouse fits its portfolio strategy of expanding its logistics acquisitions in main European hotspots. In 2015, the firm acquired the adjacent property in Copenhagen Airport that is fully leased to FedEx.
In addition to its Copenhagen Airport properties, CBRE Global has been acquiring commercial properties of various vintages throughout Europe. In late March, the firm acquired a 1.3 million-square-foot Italian logistics portfolio in an off-market transaction from Techbau. A week later, CBRE Global purchased a historic 64,600-square-foot office property in Amsterdam, marking its second office purchase in Amsterdam in the last six months.