Clarion Partners Europe, a real estate investment fund manager specialising in logistics and industrial assets, has acquired two distribution warehouses in Germany from funds advised by Ekistics Property Advisors (Ekistics).

walsrode

Walsrode

Although financial details were not disclosed, the assets are believed to have changed hands for €125 mln.

The acquisition was made on behalf of one of Clarion’s comingled funds,
 
In Fritzlar, near Kassel, Clarion has acquired a 50,000 m2 institutional quality logistics asset. Completed at the end of 2019, the DGNB Gold certified property features 20 dock doors, 10 metre clear heights and 336 car parking spaces. It is leased to Volkswagen.
 
In Walsrode, near Hanover, Clarion has acquired a 55,000 m2 generic, institutional quality warehouse. Completed at the end of 2019, the asset features 12 metre clear heights, 64 dock doors and 283 car parking spaces. Suitable for single or multi-tenant use, it is 100% let to Smyths Toys, one of Europe’s largest multi-channel retailers.
 
Both assets were originally purchased by Ekistics with the support of a local partner, Flos Capital Real Estate, in an off-market forward funding transaction in 2019.
 
Thorben Schaefer, director of Clarion Partners Europe, commented: ‘Adding these modern and sustainable properties, in strategically relevant locations and let to extremely strong counterparties, significantly strengthens our footprint in what is Europe’s most exciting logistics market.’
 
Darius Skurevicius, director of Ekistics Property Advisors, added: ‘The sale of these prime logistics assets marks yet another successful conclusion of the business plan for Ekistics. The achieved result is evidence of the team’s ability to form strong partnerships with local developers and operating partners, such as Flos Capital, granting off-market access to some of the most sought-after real estate opportunities at pivotal times in the market.’
 
Clarion was advised by DLA Piper on legal and CBRE on technical/environmental. Ekistics was advised by BNP Paribas and Flos Capital on sale, and CMS on legal.