HIH Invest acquires Sittensen logistics property for open-ended fund

HIH Invest acquires Sittensen logistics property for open-ended fund
Image: HIH Invest

HIH Invest Real Estate has purchased a logistics property located on Hansestrasse in the town of Sittensen in Lower Saxony, Germany for an open-ended special fund owned by an institutional investor.

Constructed by Panattoni, the property occupies a plot of about 40,000 square metres and provides a total lettable area of about 24,000 square metres, which breaks down into 21,403 square metres of logistics space, 1,419 square metres of mezzanine space, and 1,110 square metres of office space, complemented by 85 parking spots.

The logistics property was completed this past March.

Its sole tenant is Yusen Logistics GmbH, a German subsidiary of a globally active logistics service provider. The lease was signed for a ten-year term, starting with the completion.

“With its long lease term, this newly acquired core property generates a secure constant cash flow for the investment fund. Moreover, we are well prepared even for the time beyond the end of this lease. The flexible floor space configuration that is ensured by two distinct warehouse sections and a sufficient number of loading access doors creates a high alternative use potential, including for multi-tenant occupancy,” said Maximilian Tappert, Head of Transaction Management Logistics at HIH Invest.

It is planned to have the logistics property certified under the “Gold” label of the DGNB German Sustainable Building Council. The building’s structural design permits the rooftop installation of a photovoltaic system. A lease agreement for the roof surfaces has already been signed toward this end. 

“The warehouse impressed us not least by being ESG compliant and by having a high energetic building quality. The property is also set up to accommodate the growing significance of electric mobility. EV charge points can be installed in some parts of the parking areas,” added Christian Kramp, Senior Fund Manager of HIH Invest.

Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!