Tilad, a Gulf-based multi-family office, has signed an agreement to acquire ECE's Hermes Logistics Center in the German town of Löhne.
Tilad, a Gulf-based multi-family office, has signed an agreement to acquire ECE's Hermes Logistics Center in the German town of Löhne.
Financial details were not disclosed.
ECE will remain responsible for completing the project, which consists of three connected buildings with 100,000 m2 of logistics space and 7,000 m2 of office accommodation. An affiliate of Tilad will take ownership on completion of the project.
ECE aims to obtain a silver environmentally-sustainable certificate from the German Sustainable Building Council (DGNB) for the property.
The scheme is fully leased on a long-term basis to mail order company Otto GmbH & Co and will be used by Hermes Fulfilment GmbH and Hermes Einrichtungs Service GmbH & Co. KG, two subsidiaries of Hermes Group.
Tilad is an active investor in Germany, where it recently acquired a 48,000 m2 office complex in the Berlin district of Charlottenburg, a 28,000 m2 retail store in Munich and two logistics facilities totalling 235,000 m2 of lettable area.
ECE was advised by Jones Lang LaSalle and trûon Rechtsanwälte. CBRE and DLA Piper advised Tilad.
