Patrizia Immobilien has acquired a €22.5 mln portfolio for its pan-European logistics fund.
The portfolio comprises four logistics centres in Bardowick, south of Hamburg, Jarmen, southeast of Rostock, Gera, south of Leipzig, and Schortens, north of Bremen.
'The acquisition of these four high-quality packet distribution centres has allowed us to further expand our involvement in the quickly growing e-commerce logistics market,' said Arthur Tielens, managing director of Patrizia's logistics team.
The properties were purchased directly from the project developer May & Co., which had initially held the properties for four years. They are all subject to a long-term lease agreement with Hermes Germany.
The acquired properties have a total interior space of approximately 18,000 m2 and 35,000 m2 leased exterior space. The portfolio is leased for over 11 years with three extension options of two years each. The four packet distribution centres are part of a group of 18 strategically placed e-commerce facilities in Germany used by Hermes, a subsidiary of the Otto group.
In the past few months, Patrizia has purchased logistics properties in France, Belgium, the Netherlands, and Germany on behalf of its newly issued real estate fund, and said it was planning to make further acquisitions to reach the €500 mln target.
'The logistics market in Europe still has enormous growth potential in the next few years, because service providers are reconfiguring their networks in order to satisfy the increasing demand in the e-commerce sector,' said Tielens. 'With the newly acquired real estate, our customers can now participate in this growth trend.'
