Patrizia has invested €139m, on behalf of one of its pan-European logistics funds, to buy two fully-let assets in western Germany from Hines and CBRE Investment Management.

The assets, acquired for the Patrizia Logistik-Invest Europa III fund, will together provide 100,600sqm of space with a combined weighted average lease term of almost 10 years.

The first asset, acquired from Hines, is a logistics development in Hamm, North Rhine Westphalia, comprising 72,600sqm in seven units across two buildings

The second asset, acquired from CBRE Investment Management, is a 28,000sqm logistics warehouse located in Ennigerloh, North Rhine Westphalia.

The Patrizia Logistik-Invest Europa III fund – with a target volume of €760m – has signed purchase agreements for logistics properties worth €425m in Germany, Italy, and the Netherlands within the last 13 months, Patrizia said.

Nicolai Soltau, director fund management logistics at Patrizia, said: “The logistics sector has been one of Patrizia’s long term conviction calls and the Covid-19 pandemic has strengthened its tailwinds even further, with the continued rise of e-commerce and consumer demand for even quicker delivery times fuelling interest from occupiers across a number of different sectors.”

“Our German logistics exposure has grown significantly in recent years and these latest acquisitions add two high quality, modern assets to our portfolio, with each benefitting from outstanding transport connectivity in the country’s industrial heartland. ESG is always a key consideration for us and the strong environmental credentials of these assets will meet the demands of tenants now and in the future.”

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