Prologis fund buys Hamburg facility

Prologis Targeted Europe Logistics Fund (PTELF) has acquired a 6,800 m2 distribution facility on a site in Hamburg’s Billbrook district.

The assets were sold by Axiom Asset 2, a fund managed by Captiva Capital Partners. The facility is fully leased to LGI Logistics Group International.

The financial details of the transaction were not disclosed.

'We are delighted to expand our portfolio in one of Europe’s most popular logistics markets where there is virtually no vacant space,' said Thomas Karmann, senior vice president and regional director, Prologis Northern Europe.

Billbrook benefits from transport connections including federal road number 5 with direct access to the A1. The A24 towards Berlin is also nearby, as is Hamburg city centre and Hamburg port, the largest ocean-going port in Germany and the second largest in Europe after Rotterdam.

The acquisition highlights Prologis' sustainable 'infill' strategy, focusing on properties in city centre locations which help customers optimise their supply chains and reduce CO2 emissions.

Prologis has 25 logistics properties covering more than 512,400 m2 of distribution space in Hamburg.

Prologis’ portfolio in Germany totals over 1.7 million m2 of distribution space across 89 properties. PTELF was established in 2007 and is one of four European co-investment funds managed by Prologis.

PTELF’s portfolio consisted of 78 buildings, totalling 1.2 million m2 at end-June 2013.