Henderson buys logistics asset near Hamburg

Henderson Global Investors and Palmira Capital Partners have bought a second asset for their German Logistics Fund.

Located in Elmenhorst near Hamburg, the property comprises around 16,000 m2 and is let to office supplier Office Depot. The property was acquired from asset manager Industrial Securities Europe. The purchase price was not disclosed but the deal reflects an initial yield of over 8%.

Henderson announced in October that it had raised €90 mln for the logistics fund in a first closing. With leverage, the fund has spending power of €150 mln and remains open to further institutional investors with an eventual target size of €250 mln.

In December, Henderson and Palmira bought a 19,000 m2 distribution centre in Bad Dürkheim from Gateway Real Estate. The purchase price was not disclosed but it represented an initial yield of around 8%.

Current investors in the logistics fund comprise German insurance companies and pension funds, together with an unnamed Austrian institutional investor.