Munich-based logistics specialist LIP Invest has acquired a new logistics development in Cologne, Germany from Osmab Holding.
Financial details were not disclosed, but the deal represents the fourteenth and final investment for LIP's first logistics real estate fund, Logistics Germany, which has a total volume of €340 mln.
Launched in 2018, LIP said that the fund had been fully invested within the planned time-frame of 1.5 years.
Dubbed Log Plaza Kerpen 5, the scheme in Cologne was developed by Alcaro Invest, a wholly-owned subsidiary of Osmab.
The brownfield development, located in Kerpen, in the Cologne Metropolitan Area, has been let to Logwin Solutions Deutschland, a logistics service provider, and to Saint-Gobain Autover Deutschland, a global company providing vehicle glass replacement.
'We were able to successfully bid against a small circle of selected potential investors in an off-market procedure and secure the attractive property for our fund. The long-standing close business relationship with Alcaro Invest and Osmab Holding ultimately tipped the scales in our favour,' said Bodo Hollung, partner and managing director of LIP.
The multi-user logistics building comprises 25,905 m2 of multi-functional warehouse space, 2,271 m2 of premium office space, plus 120 car parking spaces on a 50,000 m2 site.
'By converting brownfield sites, we as developers are taking the longer route. Often buildings are left empty for many years,' comments Anton Mertens, managing director of Alcaro Invest.
LIP received legal assistance from LPA, tax advice from Goodwin and technical support from Cushman & Wakefield.
