Augsburg-based Patrizia has acquired two logistics assets in western Germany for about €139 million.
The assets have been bought for a Pan European logistic fund Patrizia Logistik-Invest Europa III and together provide 100,600 sq m of space with a combined WALT of almost 10 years.
One, a logistics development in Hamm, North Rhine Westphalia, (pictured) comprising 72,600 sq m in seven units across two buildings, was acquired from Hines. It is fully pre-let with a WALT of 10 years and was completed in December 2021.
The buildings were designed with a focus on sustainability and obtaining a DGNB ‘Platinum’ target rating. They include recyclable facade elements, energy efficient LED lighting, combined heat and power units and electric charging points for vans and cars.
Fund now approximately 60% invested
The other asset is a 28,000 sq m warehouse located in Ennigerloh, North Rhine Westphalia. It was acquired from CBRE Investment Management.
Built in 2005, the asset is fully let to B-Logistik, a regional contract logistics provider, and it has a WALT of nine years.
“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,” said Nicolai Soltau, director fund management logistics.
The Patrizia Logistik-Invest Europa III fund has signed purchase agreements for logistics properties worth €425 million in Germany, Italy, and the Netherlands within the last 13 months. The fund has a target volume of €760 million and so is about 60% invested.