Real estate investment manager Barings has acquired two logistics properties in Sarstedt, south of Hanover, Germany, from local developer Bertram Projektmanagement.
One of the assets is an existing logistics property with a rental area of 30,000 m2, which is fully let to a drugstore operator. The second is a 28,000 m2 logistics asset that is being developed by Bertram Bau und Invest. Goldbeck will act as the general contractor for the property and completion is due in the third quarter of 2021.
According to Barings, the total volume of the acquisition is dependent on the level of leasing achieved on completion of the development project and is capped at a total of €50 mln.
Gunther Deutsch, managing director, head of real estate transactions – Europe at Barings, said: 'This asset fits perfectly into Barings' European logistics core strategy, buying into strong markets with development potential in the future.
'This transaction represents our fifth acquisition in Europe, taking the 2020 logistics acquisition volume to €260 mln. Despite Covid-19, we are still keen to expand our logistics investment programme in the Nordic countries, the UK, the Netherlands, Germany, Italy, France and Spain. Transactions with upside potential or forward deal structures are our main focus this year.'
The 108,000 m2 site has a direct connection to the A7 motorway, which links the greater Hanover area with both Hamburg and southern Germany.
The acquisition increases Barings’ strategically located European logistics portfolio to 2.4 million m2 across eight countries, including France, Netherlands, Italy, Spain and Sweden.
