Japanese Kajima’s European property arm and Savills Investment Management have strengthened their strategic partnership portfolio with the acquisition of Panattoni Europe’s interest in a 14,000 m2 logistics hub in Hamburg, Germany. Financial details were not disclosed.
The deal marks a continuation of Kajima’s development and investment activity in Europe’s logistics sector, following the sale in January 2021 of two industrial assets in Gdansk and Sosnowiec, Poland providing 160,000 m2 of logistic accommodation.
These sales follow an expansion in 2020 for Kajima, which also announced the acquisition of four logistics sites in Spain and one in Rotterdam.
Kajima now has a presence in the logistics market in Germany, Netherlands, Poland, Czech Republic and Spain and in 2021, Kajima have further appetite to expand the portfolio into new geographies.
’While Kajima has been an active investor in European logistics development for over five years now, having developed over 25 industrial parks across the continent, we are now actively looking to complement our development business with a longer-term strategy of holding prime assets from our development portfolio in partnership with our key institutional clients. We have already identified a number of target opportunities with which to grow this side of the business,’ said Daniel Bumpstead, investment director at Kajima Properties Europe.
Marc Gonzalvez, transactions manager, Savills IM, commented: ‘We are delighted to have completed this acquisition on behalf of one of our key institutional investors. This is the second acquisition as part of the joint venture between our client and Kajima Properties Europe, after the acquisition of two large properties in central Poland. The intention is to grow this partnership further over time by targeting core/core plus logistics assets, with the view to create a diversified pan-European logistics portfolio of scale.’
Savills IM was advised by DLA Piper and Ashurst advised Kajima.
