Global real estate investor Ivanhoé Cambridge has acquired a significant logistics and distribution centre from ADF Asset Management, a South Korea based asset management firm.
Financial details were not disclosed.
Since 2015, the property had been held in an ADF fund, whose LPs are large Korean institutional investors.
The asset is situated in Allermöhe business park, one of Hamburg’s most established logistics areas, and benefits from access to a major highway network serving more than 7 million consumers.
H&M Group has been the asset's single tenant since taking occupancy of the distribution centre in 2008. The property, covering 114,500 m2, is located on a 150,000 m2 site.
'With the acquisition of this first logistics asset in Hamburg, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe,' said Christian Daumann, vice president, investments, Germany at Ivanhoé Cambridge.
'The growth of logistics is a major focus of our strategic plan, which aims, in particular, to triple the size of our logistics portfolio in Europe by 2025. We will therefore continue to build a resilient and diversified portfolio across the European continent.'
An Avison Young team from Germany, the UK and Korea advised Ivanhoé Cambridge on the transaction.
Penny Hacking, lead European capital markets at Avison Young UK, said: 'We are proud to have advised our client on their first direct logistics acquisition into the German market, which remains highly competitive, as an increasing number of investment companies shift their focus towards the sector.'
