Clarion Partners Europe, a real estate investment fund manager specialising in logistics and industrial assets, has acquired the recently developed Panattoni Logistics Park in Voerde, Germany, for €75 mln, from Panattoni.
Totalling 66,930 m2 of gross lettable area across two Grade-A properties, the investment has been made on behalf of one Clarion Partners Europe’s co-mingled funds, and takes its deployment in Continental Europe’s dominant logistics market since June last year to around €500 mln.
Developed by Panattoni between 2021 and 2023, the DGNB Gold certified properties are currently split into six units and 100% occupied by Flender GmbH, WM Group GmbH and MTDE GmbH, with a blended weighted average lease to break of seven years.
The development saw the regeneration of a 112,000 m2 brownfield site, representing one of the largest projects of this type ever undertaken in the Lower Rhine region. The park’s environmental credentials will be enhanced by the installation and completion of a PV system with a peak capacity of 6.86 megawattpeak by the end of 2024.
Thorben Schaefer, senior director at Clarion Partners Europe, commented: 'This was a rare opportunity to acquire a high-quality, newly developed logistics park with an attractive income profile; near full annual CPI indexation, with medium term reversionary potential. Vacancy rates in the Rhine-Ruhr remain close to historical lows due to a limited development pipeline, which should drive future rental growth.'
Rory Buck, managing director at Clarion Partners Europe, added: 'Germany remains one of our high conviction markets, with continued e-commerce growth and reshoring efforts underpinning occupier resilience.'
Clarion Partners Europe was advised by Goodwin Procter, CBRE, Counsel and Colliers.
