Barings has expanded its European logistics portfolio with the acquisition of two assets in Germany.
The manager, on behalf of its European core strategy, has bought logistics properties in Sarstedt, south of Hanover from Bertram Projektmanagement.
The assets are a fully-let 30,000sqm and a 28,000sqm asset that is being developed and expected to be completed in the third quarter of 2021.
The latest deal increases Barings’ European logistics portfolio to 2.4m sqm across 8 countries, including France, Netherlands, Italy, Spain and Sweden.
Gunther Deutsch, MD, head of real estate transactions – Europe at Barings, said this transaction represents the company’s fifth acquisition in Europe taking the 2020 logistics acquisition volume to €260m.
“Despite COVID-19, we are still keen to expand our logistics investment programme in the Nordic countries, the UK, the Netherlands, Germany, Italy, France and Spain.
“Transactions with upside potential or forward deal structures are our main focus this year.”
Christoph Wittkop, MD, real estate country head - Germany at Barings, said: “These high-quality properties are well located in a key logistics hub with excellent connectivity to the rest of Europe, which is why this purchase aligns with our core strategy.
“Demand for logistics space continues to rise across Europe, in part thanks to an acceleration in the growth of online sales penetration as a result of lockdown measures across Europe and the increased importance of robust supply chains.
“Our extensive network means we have the local knowledge and experience in many different markets that enable us to secure attractive investment opportunities for our investors.”
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