Peakside Capital Advisors has acquired four assets with a combined 20,000 m2 of logistics, office and service space in the CargoCity Süd at Frankfurt Airport for an undisclosed amount.
The portfolio will become part of a Peakside Real Estate Fund.
The buildings include three mixed-use logistics assets with service, office and mezzanine spaces as well as a parking deck with 420 spaces overall. Peakside plans to refurbish the assets as part of its manage-to-green strategy for existing buildings.
‘A dynamic leasing market makes logistics in Frankfurt an attractive proposition,’ commented Simon Lutz, Partner at Peakside. ‘Demand for flexible and modern spaces in the CargoCity Süd, Europe’s leading air freight hub, remains particularly high. Following the refurbishment, we will be able to offer different types of spaces for the demand on site.’
Boris Schran, managing partner at Peakside, added: ‘With the acquisition, we are adding a prominent location with value-add and rental growth potential for our investors to the logistics portfolio.’
Logistics investments are playing a major role also in the acquisition strategy of Peakside Real Estate Fund IV. Schran: ‘We entered the investment phase last year and are looking for further investment opportunities in development as well as existing buildings at established logistics hubs for the discretionary fund.’
Peakside plans to invest more than €1.2 bn euro on behalf of PREF IV in Germany over the coming 24 months.
