France’s L’Etoile Properties has acquired a portfolio consisting of three Amazon last mile logistics properties in the German cities of Kassel, Magdeburg and Wilhelmshaven in a share deal on behalf of the Korean asset management company Midas International.
The purchase marks L’Etoile’s seventh successful acquisition on behalf of Korean clients and brings its total AuM in Germany to €2.9 bn. The seller in the off-market transaction was Panattoni. Financial details were kept confidential.
The three newly built-to-suit (BTS) projects are located in inter-municipal business and industrial parks and serve Amazon for last-mile delivery to strategically relevant catchment areas. The buildings combine elements of a classic distribution centre with a cross-dock concept for loading sprinters. The three assets cover a site area of 202,000 m2, 25,000 m2 of lettable area as well as 2,013 van and car parking spaces and are let to the online retailer on a long-term basis.
