Elite Partners Capital has acquired a 180,000sqm logistics park in Germany from TPG Angelo Gordon and Aam2core Holding.
The Singapore-headquartered investment manager is buying the Ettlingen industrial park, located south of Karlsruhe on behalf of Elite Logistics Fund II, a pan-European logistics fund backed by a sovereign wealth fund alongside a network of family offices across Asia.
Financial details were not disclosed.
Elite Partners said the large-scale multi-user logistics park, located within Ettlingen West’s Industrial Zone, is over 85% let to a German automotive company.
Victor Song, co-founder and CEO of Elite Partners Capital, said: “We have been closely monitoring the logistics market across Pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities.
“The stabilising interest rates presents a strategic window of opportunity for our investors to re-enter the market.”
The property was acquired by TPG Angelo Gordon in 2020 in a joint venture with Aam2core. Since the acquisition, Aam2core has carried out tenant improvements, secured long-term leases with existing tenants, reduced energy consumption and optimized process workflows, the joint venture partners said.
Michael Schleich, member of the management board of Aam2core, said: “We acquired the industrial park in 2020, optimised it through our active asset management and have now successfully sold it.
“As with all our transactions, the focus here was on ESG, as a demonstrably positive impact on the environment and society is important to us in our real estate projects.”
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