Thursday, 4 September 2025
Periskop Logistics, a Berlin-based investment advisory firm led by Dr. Kilian Mahler, and Prof. Dr. Thomas Beyerle from Hochschule Biberach (HBC) have jointly published a new white paper titled “Sale and Leaseback of Light Industrial Properties in Germany.”
The publication examines the potential, risks, and strategic considerations of applying the sale and leaseback (SLB) model to the light industrial property segment in Germany. It outlines the model’s dual value: enabling companies to free up capital while maintaining operational use of their facilities and offering institutional investors access to long-term, index-linked leases with promising returns, even as market conditions evolve.
In the context of ongoing geopolitical uncertainties, volatile capital markets, and increasing demands for transformation, the white paper notes that investors are showing greater interest in stable investment vehicles. SLB transactions are gaining traction as they allow businesses to unlock equity without losing operational control, while providing investors with the benefit of long-term, inflation-protected cash flows.
Within this framework, the light industrial sector stands out as a promising target for SLB strategies. Yields in the segment currently range from 7.0% to 9.0%, surpassing levels seen in 2014 and presenting attractive risk-adjusted return opportunities.
“Light industrial properties are particularly appealing at the moment,” said Dr. Kilian Mahler, Managing Partner at Periskop Logistics. “High cap rates, long-term triple-net leases, and indexed rents provide investors with stable, inflation-protected income streams and enable rapid equity recovery.”
The white paper identifies Germany as a market with solid fundamentals for SLB transactions, supported by its resilient industrial SME base, relatively low public debt, established industrial hubs, and government support programs such as the Climate and Transformation Fund (KTF) and the Federal Funding for Energy-Efficient Buildings (BEG).
Light industrial properties, which encompass manufacturing, assembly, and urban distribution facilities, differ from traditional logistics properties by playing an active role in production-related operations. As these facilities become increasingly important within modern supply chains, they are evolving into a distinct and strategically significant asset class.
Commenting on the broader investment landscape, Prof. Dr. Thomas Beyerle from HBC said, “The current capital market environment, combined with the structural momentum in the light industrial sector, offers an attractive entry point for investors with a long-term perspective.”
Photos: Prof. Dr. Thomas Beyerle from Hochschule Biberach (HBC) and Dr. Kilian Mahler, Managing Partner at Periskop Logistics
White paper download kink below:
