Ivanhoé Cambridge has expanded its Hub&Flow European logistics real estate platform into Germany with the acquisition of a 115,000sqm asset in Hamburg.
The real estate arm of Caisse de dépôt et placement du Québec said it has bought the fully-leased warehouse from ADF Asset Management, a South Korea based asset manager. Financial details were undisclosed.
In February 2020, Ivanhoé Cambridge bought a portfolio of 17 logistics assets in France as well as the portfolio’s Hub&Flow brand name from The Carlyle Group. The investment kicked off Ivanhoé Cambridge’s expansion in continental Europe and its plan to create a leading logistics platform focused on the key European hubs, the company said at the time.
Ivanhoé Cambridge has other European logistics ventures, such as the partnership with PLP for the development of a logistics portfolio in the UK and the European last-mile logistics venture with URBZ Capital.
Commenting on the latest deal, Christian Daumann, investments VP in Germany at Ivanhoé Cambridge, said: “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.
“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.”
Ivanhoé Cambridge was advised in this transaction by Avison Young, Drees & Sommer and Allen & Overy.
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