BEOS adds three new assets to popular fund for €135m

The Berlin-based BEOS, which develops and manages mixed-use light industrial properties throughout Germany, has just bought a further three assets for its second Spezialfonds, the BEOS Corporate Real Estate Fund Germany II.

BEOS paid €134.3m for the three assets, which it had itself originally developed on behalf of international investors, and which it has now secured for its much-in-demand funds. The assets are located in Hanover, Schwalbach im Taunus (near Frankfurt) and Ulm.

The biggest property is the “Alte Röhrenwerk” in Ulm, which was completely sanitised and converted in 2012-2014 into a 55,000 sqm property including office, laboratories and warehouse space. The main tenants are the French technology company Thales Electronic Devices and the criminal investigations department of the Baden-Württemberg police.

The asset in Schwalbach is like an industrial park with 32,260 sqm, of which 65% is warehouse and 35% office space. Completely renovated this year, the property has 25 separate tenants. Among the largest are BIT Analytical Instruments GmbH and Siemens AG, which runs an R&D department for laboratory diagnotics there. The third property is the Lilienthalcenter in Hanover, which was built in 2001-2003, has 16,500 sqm of lettable space equally divided between office and warehouse, and has 20 separate tenants.

Along with these latest buys, BEOS, under the very focused eye of CEO Stephan Bone-Winkel, has now invested €527m in 18 separate properties over the past two years, investing 81% of the committed equity capital in the funds along the way. Seven of these assets started out as BEOS project developments, while eleven were bought on the open market.