PATRIZIA buys German commercial assets in double purchase
Strong, established tenants and attractive remaining lease terms make for solid investments.
- Office building in Münster and logistics asset in Krefeld acquired from Warburg-HIH Invest
- Both assets are fully let to strong tenants
Augsburg, 22 November 2018. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it has acquired the ‘Portal 10’ office building in Münster and a logistics facility in Krefeld in two separate deals from seller Warburg-HIH Invest. Across Europe, PATRIZIA manages office assets of around EUR 14.5bn and holds a logistics portfolio of some EUR 1.8bn.
Built in 2010, the seven-storey, multi-tenant office property is fully let with an average remaining lease term of more than six years. It is located in Münster’s established office district of ‘Stadthafen’, close to the city’s main station and congress centre.
The logistics facility is situated in one of Germany’s strongest logistics regions. Built in 2014, it boasts excellent connection to national rail and road transportation networks and is wholly leased on a long-term tenancy to Siemens AG, whose state-of-the-art train manufacturing plant sits next door, with other neighbours including key logistics players such as DHL, DSV and UPS. With this latest purchase, the acquiring fund – PATRIZIA Logistik-Invest Europa I (PLIE I) – is now fully placed. Its successor, PLIE II, launched in summer 2018 and made its first acquisition in September with a further EUR 130m worth of assets in the pipeline. Approximately EUR 150m of the targeted EUR 350m capital has been raised, with additional equity commitments in concrete preparation.
Philipp Schaper, PATRIZIA’s Head of European Transactions, commented: “The low risk inherent with the strong, established tenants in each of these assets plus the attractive remaining lease terms means both deals represent solid investments for our clients – and both once again delivered by our expert teams on the ground.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
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