Patrizia has acquired two logistics assets in western Germany for €139 million, on behalf of one of its dedicated Pan European logistic funds, Patrizia Logistik-Invest Europa III.
The assets, one of which is a major pre-let development project, will together provide c. 100,600 sq m of modern, sustainability-led space with a combined WALT of almost 10 years.
The first asset is a logistics development in Hamm, North Rhine Westphalia, comprising 72,600 sq m in seven units across two buildings.
Acquired from Hines, the site is fully pre-let with a WALT of 10 years to a range of tenants in sectors including e-commerce, manufacturing and food delivery.
Completed in December 2021, the buildings have been developed with a central focus on sustainability and a DGNB ‘Platinum’ target rating. The properties feature recyclable facade elements, energy efficient LED lighting, combined heat and power units and electric charging points for vans and cars.
The other asset is a c. 28,000 sq m modern, logistics warehouse located in Ennigerloh, North Rhine Westphalia, which has been acquired from CBRE Investment Management. Built in 2005, the property is fully let to the occupier B-Logistik GmbH, a regional contract logistics provider, with a WALT of 9 years, providing long term, stable income. BREEAM rating “good” is targeted.
Patrizia said both assets benefit from excellent transport connectivity, with immediate access to the Bundesautobahn 2 motorway that connects the Ruhr area in the west, to Berlin in the east. ”Located in North Rhine-Westphalia, Germany’s most populous state which includes cities such as Cologne, Düsseldorf and Dortmund, the assets are supported by strong market fundamentals that underpin the region’s industrial and logistics sector.”
Nicolai Soltau, Director Fund Management Logistics, commented: “The logistics sector has been one of Patrizia’s long term conviction calls and the Covid-19 pandemic has strengthened its tailwinds even further, with the continued rise of e-commerce and consumer demand for even quicker delivery times fuelling interest from occupiers across a number of different sectors.”
“Our German logistics exposure has grown significantly in recent years and these latest acquisitions add two high quality, modern assets to our portfolio, with each benefitting from outstanding transport connectivity in the country’s industrial heartland. ESG is always a key consideration for us and the strong environmental credentials of these assets will meet the demands of tenants now and in the future.”