BNP Paribas REIM has acquired a warehouse near Leipzig from developer Goodman for its Eurozone Logistics Fund (ELF), as it prepares for the fund's final close in June.
According to the fund manager, ELF is targeting a total equity sum of €300 mln when it wraps up next month. Since the fund's launch, over €200 mln of equity has been committed.
'This new acquisition is strengthening the allocation of the fund in Germany which is the most mature market for logistics in Europe,' said Lucas Despretz, ELF fund advisor.
Dubbed Star Park Halle, the newly-built asset is located in the Star Park logistics park covering 230 ha, and was delivered in April 2019. The warehouse has a total lettable area of around 69,300 m2 and eaves heights of 12.2 metres. The property will achieve a DGNB Gold green certification and is fully let to an e-commerce company, specialised in home and garden furniture.
'The Star Park logistics park is very well located at the crossing of two main motorways and benefits from the labour force of Halle and Leipzig, both cities are less than 25 kilometres away. It is an affordable and efficient alternative to the older areas around Leipzig,' Despretz added.
ELF, managed by BNP Paribas REIM Luxembourg, is focused exclusively on Eurozone logistics with a sustainable angle. Other recent deals have included strategic acquisitions in Stuttgart and Baden-Baden.
