Savills Investment Management (IM) has acquired a newly built logistics centre in Hamburg-Billbrook from ECE Work & Live for a German investor.
The purchase is the first logistics transaction as part of an investment mandate for the unnamed German investor, which aims to build up a logistics sub-portfolio. The focus is on core properties in prime logistics locations.
The Grade A logistics centre, which was completed in September 2024, consists of three units and comprises a total of around 28,600sqm of rental space, which is fully let to Pandora and Kühne + Nagel on a long-term lease.
David Seydt, portfolio manager at Savills IM, said: “We are very pleased that we were able to secure this high-quality logistics property with excellent ESG characteristics and long-term leases in a prime Hamburg logistics location for our investor off-market.
“Now is precisely the time to invest in logistics real estate on an anti-cyclical basis - the sector continues to benefit from stable fundamentals, and recent price corrections offer an ideal entry point.”
Tim Ulrich, head of transaction management Germany, Savills IM, added: “The logistics real estate market in Hamburg has many older existing properties. Due to a land shortage in what is a very logistics-intensive area, newer logistics properties are mainly located in the suburbs of the city.
“This acquisition, located in the largest industrial area outside the port of Hamburg, has a truly unique selling point. We are still on the lookout for modern properties in established logistics locations for the investment mandate and our logistics funds.”
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