German fund manager Deka Immobilien has bought a logistics property in the southern Dutch city of Tilburg from developer Somerset Real Estate. The two parties agreed not to disclose the purchase price.

The 35,000-m2 property is located at Ledeboerstraat 46-48 in Tilburg and is fully leased to Rhenus Contract Logistics Tilburg. Because of its location close to the Wilhelmina Kanaal, the asset has good links to the country's inner shipping and motorway networks, Deka said.

Deka will add the property to its WestInvest TargetSelect Logistics fund, which forms part of the WestInvest TargetSelect range of funds offering institutional investors the possibility of investing in logistics, hotel or retail properties.

Deka Immobilien forms part of the DekaBank group which is is the largest provider of open-ended property funds in Germany with around EUR 22 bn of assets under management.