Logistics developer and investor Montea has acquired a sizeable logistics park in Hamburg from a fund managed by Tristan Capital Partners for €50 mln.
The asset, with a total lettable area of 63,500 m2, is leased to the Hamburg Port Authority. It comprises five buildings built in 1993, 2018 and 2019.
'With this investment, we are able to significantly strengthen our presence in Germany and continue our focus on port and airport locations. 53% of our current portfolio is multimodal. Our aim is to continue to grow in Germany - both through acquisitions and project developments,' said Patrick Abel, country director Germany at Montea.
Montea said it expected future rental growth due to the strategic location and the redevelopment potential of the asset.
The property is fully let to five companies. All spaces have modern fittings and LED lighting, while one of the units also has a green roof. The newest buildings have black tube heaters which are much more efficient than classic warehouse heaters. Skylights are partly integrated to bring in natural daylight.
The site is located in the established logistics area of Hamburg-Altenwerder. As a result, there are excellent trimodal connections: The Port of Hamburg is in direct proximity and the Hamburg-Waltershof access road to the A7 highway and the Altenwerder freight transport center with its rail siding are both just two kilometers away.
The deal marks Montea's third acqusition in German logistics. The other properties include a fully-let, 8.3-ha commercial site in Mannheim, where a sustainable logistics property will be built after the current lease expires.
The company also owns a 2.8-ha site in Leverkusen, acquired through a sale and leaseback transaction. A modern logistics property will also be developed there at the end of the lease term.
