Asset manager DWS has acquired the Spectrum logistics property in Hamburg on behalf of its real estate mutual funds, grundbesitz europa and grundbesitz Fokus Deutschland.
Although the transaction price was not disclosed, German press reports put the deal value at around €189 mln.
The asset was sold by logistics provider Fiege, which is remaining in the building as long-term tenant.
The purchase was made through an investment company in which grundbesitz europa holds a 55% stake and grundbesitz Fokus Deutschland holds a 45% stake.
Located on a 160,000 m2 site in the south-east of Hamburg, the property currently has a usable area of just under 80,000 m2 and is to be extended by a building section with around 18,000 m2 by 2022.
Jan Fiege, managing director Real Estate of the Fiege Group: ‘We are pleased to announce the sale of our logistics property in Hamburg to DWS today. The sale is one of several transactions this year, which in turn is linked to a long-term leaseback. On the one hand, we want to use the sale to drive and promote further Fiege projects. On the other hand, through the long-term lease we are safeguarding the strategically important location in Hamburg for us and also providing certainty for our employees and our customers.’
Ulrich Steinmetz, head of Portfolio Management Real Estate Retail Funds at DWS said: ‘The acquisition further diversifies the real estate portfolios of our funds with the logistics type of use in line with the fund strategies. The property, which can be used flexibly and will also be expanded by 2022, has excellent connections to important transport routes in northern Germany and is close to the city centre and port of Hamburg.’
