Fidelity International has bought a logistics facility in Hodenhagen in northern Germany from Schewe Immobilien.

The fund manager has invested an undisclosed amount on behalf of its Eurozone Select Real Estate Fund to buy the 36,500sqm asset leased to transport and logistics company Kühne+Nagel.

The property forms part of the Hodenhagen Nord business park, located between Hanover, Bremen and Hamburg.

Marian Lukesch, investment manager at Fidelity International, said: “We have expanded our logistics portfolio with this absolute core property. The combination of the attractive location, optimal third-party use and long-term cashflow with an established tenant and above-average ESG credentials drew us to the opportunity.

“At the same time, logistics fundamentals remain attractive so that we will continue to raise our allocation to continental Europe.”

Jan Schewe, CEO of Schewe Immobilien, said: “With the sale, we have successfully completed our first project for institutional investors.

“The property in Hodenhagen was delivered on time in a challenging market environment, leased ahead of completion to a renowned tenant to support a sustainable business and now sold to a long-term institutional investor. This gives us a boost for our projects in the development pipeline.”

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