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15 Apr 19

PATRIZIA makes EUR 59m acquisition of German logistics portfolio

Logistics portfolio taps into growing eCommerce trend and demand for faster deliveries
- Portfolio of six fully let logistics assets
- 43,500 sq m of cross-dock logistics accommodation enabling quicker deliveries
- In strong sought-after locations for logistics operators

Augsburg, 15 April 2019. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has acquired a portfolio of six logistics properties in Germany from Cromwell Property Group for EUR 59 million on behalf of its PATRIZIA Logistik-Invest Europa II fund (the ‘Fund’).

The portfolio comprises 43,500 sq m of total lettable space of ‘cross-dock’ logistics facilities – a type of logistics asset that is set up to reduce the time it takes for goods to be received, processed and then shipped to consumers, minimising the need for storage – and are fully let with an attractive average remaining lease term of more than ten years. Four out of the six units are occupied by German logistics firm, trans-o-flex Express GmbH. The units are situated in areas of high demand for logistics space including Hürth, Kassel, Koblenz, Neumünster, Leipheim and Neuseddin.

Nicolai Soltau, Fund Manager at PATRIZIA, commented: “Cross-dock facilities are experiencing historically low vacancy due to the rise of ecommerce and the growing consumer demand for overnight or same-day delivery. We expect this trend to continue and the demand for high-quality, well-located logistics space, such as this portfolio, to remain acute. This acquisition provides our clients with access to a diversified portfolio that is generating long-term income with future potential of rental growth.”

PATRIZIA’s Logistik-Invest Europa II targets a diversified, long-term pan-European logistics portfolio with a focus on metropolitan regions. PATRIZIA is an experienced manager of logistics assets across Europe, where it currently manages a pan-European portfolio of almost EUR 2 billion.

PATRIZIA was advised by GSK Stockmann (legal) and Drees & Sommer (technical).