HIH Invest Real Estate has acquired a 6,193sqm storage and manufacturing warehouse in Germany on behalf of its open-ended logistics fund.

The manager has invested an undisclosed sum on behalf of the HIH Deutschland+ Core Logistik Invest fund to buy the asset at Bordeaux-Strasse 3 in Bremen from KBK Immobilien UG & Co, a management company owned by Emotion Warenhandels.

The building, constructed in 2011/2012, features 5,853sqm of warehouse space and 340sqm of office and social areas.

Maximilian Tappert, the head of transaction management logistics at HIH Invest, said: “Even though the property was built for the requirements of Emotion Warenhandels, it has considerable potential for alternative use. It comes with flexible access options, including dock levellers and ground-level docks, and could be partitioned into three separate sections.

“An added perk is its location inside the Hansalinie trading estate, which has direct access to the A1 motorway and lies in close proximity to the Bremer Kreuz motorway interchange and near the inner city of Bremen.”

Andreas Strey, co-head of fund management and head of logistics fund management at HIH Invest, said: “We are funding the acquisition entirely from equity. We have ways to generate attractive returns from the property even without leverage.

“The acquisition demonstrates once again that we, as an investment manager with a robust equity base, have the capacity to identify exciting opportunities and to act on them even in challenging market situations.”

The HIH Deutschland+ Core Logistik Invest aims for a target volume of €500m. The fund, which mainly targets investments in Germany, has around 30% of its capital invested in neighbouring countries including the Netherlands, France and Austria.

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics

Related Companies