Munich-based investment specialist LIP Invest has acquired a newly completed mega logistics centre in the Bavarian town of Obernburg, on behalf of its Logistics Germany II open-ended fund, launched in 2019.
With an investment volume of around €100 mln, this off-market deal is one of the three biggest deals in the German logistics real estate market in the first half of this year.
The property was developed and sold by Mainsite Logistik Nord, which will also rent three sections of the warehouse, around 30,000 m2, for its own logistics purposes. In total, the complex provides around 70,500 m2 of warehouse space and a mezzanine level of around 6,500 m2 of office accommodation. Other tenants include the companies syncreon and Geis Global Logistics. A warehouse section of 10,000 m2 and a 2,400 m2 warehouse are still available for rent.
Logistics Germany II is expected to be fully invested following the purchase of four other assets currently in the acquisition process, the company said.
‘The fund is now fully invested at around €425 mln, much faster than we had expected. Despite limited travel opportunities, we were able to secure attractive new buildings even during the corona crisis,’ said Bodo Hollung, partner and managing director of LIP Invest.
PropertyEU reported last month that LIP Invest had launched a new core-plus real estate fund focused on German logistics assets. The vehicle – LIP’s third such structure over the past three years – is seeking to raise around €320 mln of capital from both new and existing investors, with several institutional investors already committed to invest in the fund. A first acquisition in an attractive Bavarian logistics region is currently in the due diligence process, LIP Invest said.
LIP Invest launched its first logistics property fund in 2018, with a final closing reached at end-2019 with €190 mln of equity. It invested a total of €340 mln of capital in German logistics property assets.
Fund II was launched in 2019 and held its last closing with equity of €260 mln.
