Global investment manager Fidelity International has bought a 36,500 m2 logistics facility in Hodenhagen in northern Germany from owner-managed developer and landlord Schewe Immobilien. The property will become part of the Eurozone Select Real Estate Fund SICAV.
Financial details were not disclosed.
The asset is leased long term to Kühne+Nagel which is handling the global spare parts storage business of Vestas, a global leader in sustainable energy solutions. Part of the Hodenhagen Nord business park, centrally located between Hanover, Bremen and Hamburg, the property encompasses 31,000 m2 of storage, 4,400 m2 of mezzanine and 1,100 m2 of office space.
Marian Lukesch, investment manager at Fidelity International said: 'We have expanded our logistics portfolio with this absolute core property.
'The combination of the attractive location, optimal third-party use and long-term cashflow with an established tenant and above-average ESG credentials drew us to the opportunity. At the same time, logistics fundamentals remain attractive so that we will continue to raise our allocation to continental Europe.'
Jan Schewe, CEO of Schewe Immobilien, added: 'With the sale, we have successfully completed our first project for institutional investors. The property in Hodenhagen was delivered on time in a challenging market environment, leased ahead of completion to a renowned tenant to support a sustainable business and now sold to a long-term institutional investor.
'This gives us a boost for our projects in the development pipeline.'
The property will likely receive a sustainability certification of the highest level ( targeting platinum) by the German Sustainable Building Council (DGNB).
Contributing factors are, among other things, the energy-efficient design to KfW-55 standard, a specific perlocation concept on site, the offer of electronic charging stations for employees as well as the installation of solar paneling on the roof of the building.
In the transaction, Schewe was advised by TwainTowers, CBRE and Noerr. Friedrich Graf von Westphalen (Dr. Tom Erdt), Drees & Sommer, PwC and EnviroSustain advised Fidelity.
