PATRIZIA acquires portfolio for Pan-European logistics real estate fund
PATRIZIA Immobilien AG continues to expand its business with logistics real estate. After having issued a Pan-European fund for logistics real estate and the acquisition of the initial properties, the logistics team based in Amsterdam has now purchased additional real estate.
This new portfolio consists of four logistics centres. Locations include Bardowick South of Hamburg, Jarmen southeast of Rostock, Gera south of Leipzig, and Schortens north of Bremen. All properties are subject to a long-term lease agreement with the Hermes Germany GmbH. “The acquisition of these four high-quality packet distribution centres has allowed us to further expand our involvement in the quickly growing e-commerce logistics market,” says Arthur Tielens, the Managing Director of the PATRIZIA Logistics Team. The properties were purchased directly from the project developer May & Co., which had initially held the properties for four years. The purchase price is approximately EUR 22.5 million.
The acquired properties have a total hall space of approximately 18,000 square metres and 35,000 square metres leased exterior space. The portfolio is leased for over 11 years with three extension options of two years each. The four packet distribution centres are part of a group of 18 strategically placed e-commerce facilities in Germany, which Hermes had carefully selected in order to service its customers in particular geographic areas. Hermes is the largest logistics provider in Germany for shipments to private customers independent of the postal service and is a subsidiary of the Otto Group. The company operates more than 14,000 package shops in Germany and makes deliveries to more than 1.5 million customers per day.
In the past few months, PATRIZIA has purchased logistics properties in France, Belgium, the Netherlands, and Germany on behalf of the newly issued real estate fund. “The logistics market in Europe still has enormous growth potential in the next few years, because service providers are reconfiguring their networks in order to satisfy the increasing demand in the e-commerce sector,” explains Tielens. “With the newly acquired real estate, our customers can now participate in this growth trend,” he adds. In the coming months, the company is planning to make further investments in already identified properties on behalf of the new fund with a target volume EUR 500 million, which numerous institutional investors have already invested in.