Global investment firm The Carlyle Group has acquired a portfolio of three distribution logistics assets in Germany from Nuveen Real Estate and Palmira. The parties have agreed not to disclose the purchase price.
The portfolio comprises three high-quality assets strategically located near the major urban and trade areas of Munich, Hanover and Ulm. In aggregate, the portfolio totals 51,800 sq m of space and is 100% occupied.
Carlyle said equity for the transaction came from Carlyle Europe Realty (CER), a €540 million pan-European real estate fund. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany.
“We are delighted to make the first addition to our German logistics platform. The three assets are well-located, high quality and complementary to our existing assets. They further grow our exposure to what is an attractive and fast-growing segment of real estate. We remain active in continuing to identify and acquire additional logistics opportunities across both Germany and France,” said Erik Orbach, Director on the Carlyle Europe Realty advisory team.
The European logistics space has been a key focus for CER since 2016. While the sector has enjoyed rapid growth in recent years, the Covid-19 pandemic has accelerated this with higher delivery volumes resulting from the continued shift towards e-commerce.
The transaction follows a busy period for the Carlyle Europe Realty fund, which included the sale of CER’s Northern Italian logistics platform for €270 million in December 2020. In February 2020, CER sold its previous French logistics platform, Hub&Flow.