Patrizia today announced that it has sold a core German logistics portfolio to a fund newly established by Patrizia for AEW Invest GmbH for more than €500 million.
The logistics portfolio comprises around 285,000 sq m lettable space across 14 assets located in key German logistics hubs including Hamburg, Munich, Frankfurt/Main and Stuttgart.
With 96% occupied, the portfolio is let to well-known tenants including Dachser, DSV, trans-o-flex, Rhenus and Transa, the DB Schenker subsidiary.
“We assembled the portfolio over several years with single assets and smaller portfolio transactions. Good market dynamics in the logistics sector and successful asset management activity during the last few years allowed us to create a core logistics portfolio. Covid-19 has undoubtedly accelerated the existing trends that have underpinned the positive outlook for the logistics sector for some time, particularly around the growth of e-commerce and increasing consumer demand for faster deliveries. We identified the right timing to finalize the fund strategy and realize returns well above our initial forecast,” said Dr. Kilian Mahler, Head of Fund Management Logistics and Caverns at Patrizia.
Overall, logistics makes up around 11% of Patrizia’s assets under management. The value of Patrizia’s European logistics portfolio currently stands at over EUR 5 billion.
Patrizia was advised by Hogan Lovells and CBRE.