Munich-based logistics investor LIP Invest has signed a forward deal to acquire a logistics centre currently under development in the German city of Hanover.
Financial details were not disclosed.
The vendor of the asset was bauwo Grundstücksgesellschaft, a Hanover-based project developer.
'We were able to secure the highly desirable asset in an off-market procedure involving a select group of investors. More than five years’ cooperation with bauwo and the experience gained from what is now nine property acquisitions tipped the scales in our favour,' said Bodo Hollung, partner and managing director of LIP.
The brownfield development, on the site of the former Max Müller Ironworks, is due to be completed in October 2020. The scheme will comprise 18,000 m2 over three units, with a 27,000 m2 yard. LAPP, a German cable and connection technology firm, has signed a long lease for the site.
LIP was advised on legal matters by Eversheds Sutherland, receiving tax advice from Mazars and technical advice from Drees & Sommer. The seller was represented by LPA München.
