Germany focused multi-let light industrial platform

Platform Roll-Out
First Business Parks
First Business Parks


Aggregated a high-quality portfolio of medium sized, multi-let light industrial and logistic assets

Achieved a successful full exit of the platform in September 2018

Asset type
German Light Industrial
Germany, Austria
First Business Parks

Investment Highlights

  • Focus on Germany’s core cities with attractive industrial fundamentals
  • Steady "Mittelstand" occupier demand in key locations with limited new supply
  • Target income producing opportunities providing for double digit annual cash returns
  • Entrepreneurial and focused management team
  • Opportunity to aggregate from private sellers given lack of institutional product
First Business Parks


Downside protection
  • Acquired high yielding assets well below replacement costs
  • Obtained senior financing on a diversified portfolio at modest leverage levels
Focused management team
  • In-house asset management team with extensive knowledge and experience in operating the asset class
  • Targeted capex to increase occupancy, re-gear leases and diversify the tenant base to institutionalise the platform
Off-market sourcing
  • Close and effective proprietary origination network enabled FBP to secure off-market opportunities and high occupancy rates
  • Through these selective acquisitions and hands on asset management, FBP established an industrial portfolio that provided for stable long term-income returns
First Business Parks
First Business Parks