- Assets provide a total c. 100,600 sq m of modern logistics space
- Both properties have strong sustainability credentials targeting a DGNB ‘Platinum’ rating
- Assets located in Germany’s most populous state, North Rhine-Westphalia
- PATRIZIA’s logistics AUM totals over EUR 6 billion
Augsburg, 15 February 2022. PATRIZIA SE, a leading partner for global real assets, has acquired two logistics assets in western Germany for c. EUR 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.
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.”
The PATRIZIA Logistik-Invest Europa III fund has signed purchase agreements for logistics properties worth EUR 425 million in Germany, Italy, and the Netherlands within the last 13 months. The fund with a target volume of EUR 760 million is thus already almost 60% invested. Around 90% of the properties in the fund are certified according to BREEAM or DGNB.
Since year end of 2019, the AUM of PATRIZIA’s logistics segment has grown to over EUR 6 billion. The strength of logistics assets is underpinned by strong occupier demand and extremely low vacancy rates across Europe, and its yields have consistently outperformed those by other asset classes in recent years.
With this transaction, PATRIZIA further strengthens its presence in the logistics segment in Germany, in which it already has assets with a total area of more than 1.4 million sq m throughout the country.
PATRIZIA was advised by Hogan Lovells, GSK Stockmann (both legal), BNP Paribas Real Estate (commercial) and Orange-Recon (construction controlling).
PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 50 billion in assets and employs over 900 professionals at 26 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 22 years. You can find further information at www.patrizia.ag
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