A joint venture of JP Morgan Asset Management and Sydney-listed Cromwell Property Group has sealed the acquisition of the fully-leased Panattoni Park Hamburg from developer Panattoni and investor Kajima in a deal said to be worth just under €100 mln.
Panattoni delivered the asset in the fourth quarter of last year.
Located to the north of Hamburg in one of the strongest economic regions in Germany, the park consists of five halls plus externally leased parking spaces totalling 80,163 m2 with ‘Gold certification’ from the German Sustainable Building Council (DGNB) in recognition of its sustainable, energy-efficient design.
The logistics park is located on a 157,900 m2 site and comprises 70,000 m2 of prime logistics space. The logistics park has been fully let with online retailer Amazon and furniture designer Riess-Ambiente among the tenants.
JLL acted on behalf of Panattoni to deploy JP Morgan and Cromwell Property Group as buyer. The buyer was advised by Colliers and Hengeler Mueller.
Kajima’s logistics portfolio features developments across Germany, France, Spain, Italy, Poland and the Netherlands.
Daniel Bumpstead, head of European Investments at Kajima, said: 'The sale of this scheme demonstrates liquidity in the German market and shows demand for logistics is still strong despite the dynamically changing economic environment.'
