Frasers Property Investments Europe, part of Singapore-incorporated Frasers Centrepoint, has purchased six logistics assets in Germany from ECE Projektmanagement for an undisclosed sum.
The six cross-dock facilities are located in core logistics markets in Heilbronn, Mainz, Berlin, Augsburg, Hamburg and Halle, and have a total lettable area of 75,378 m2 on a total land surface of 426,439 m3.
'The demand for high-quality logistics properties continues to be very high both in Germany and internationally. We are delighted to work with Frasers Property Investments Europe in the context of this transaction for the first time,' commented Henrie Kötter, ECE's chief investment officer.
The properties in Heilbronn, Mainz and near Berlin are newly constructed, while the Augsburg property is expected to be completed in February 2018 and the Hamburg and Halle properties in Q4-2018 and Q1-2019 respectively.
All properties have a long-term lease to Hermes and a 100% occupancy rate. They are part of a total of nine logistics centres that ECE is developing for Hermes.
'After acquiring a 99.4% stake in Dutch listed firm Geneba Properties in July 2017 this is a further proof of Frasers' plan to grow its market share in the European logistical and light industrial segment significantly,' said Wulf Meinel, CEO at Frasers Property Investments Europe.
The properties will be financed with a loan from German property lender Deutsche Pfandbriefbank AG (pbb) and FPE equity/shareholder loans.
FPE was advised by JLL (valuation), REAG (technical) and Clifford Chance (legal) while ECE was advised by BNP Paribas Real Estate and truon Rechtsanwälte.