A Patrizia Immobilien logistics fund has bought a €59m portfolio in Germany from Cromwell Property Group.

The Patrizia Logistik-Invest Europa II fund acquired the fully-let 43,500sqm ‘cross-dock’ portfolio of six logistics properties.

A cross-dock facility reduces the time it takes for goods to be processed and shipped to consumers, minimising the need for storage.

Nicolai Soltau, fund manager at Patrizia, said: “Cross-dock facilities are experiencing historically low vacancy due to the rise of e-commerce and the growing consumer demand for overnight or same-day delivery.

“We expect this trend to continue and the demand for high-quality, well-located logistics space, such as this portfolio, to remain acute. This acquisition provides our clients with access to a diversified portfolio that is generating long-term income with future potential of rental growth.”

Patrizia’s Logistik-Invest Europa II fund targets a diversified, long-term pan-European logistics portfolio with a focus on metropolitan regions.

Patrizia currently manages a €2bn pan-European logistics portfolio.