Real IS, the property arm of German lender BayernLB, has acquired a logistics property near Karlsruhe in Germany, on behalf of a group of international investors from shed developer Panattoni.
Financial details were not disclosed.
The Karlsruhe Süd logistics property situated on the former Moser-Areal site in Durmersheim comprises three separate halls with a total usable area of 22,000 m2. It was completed in autumn 2019 and had been awarded a DGNB Gold sustainability certificate. Panattoni will take over management of the asset.
The property has been leased long term in equal parts to the Seifert Logistik Group and pharmaceutical company Dr. Willmar Schwabe. The building also has an unheated hall or loading tunnel of around 820 m2 which can be used as interim storage.
Axel Schulz, global head of investment management at Real IS said: 'The axis between Karlsruhe and Rastatt has developed into an attractive logistics hub due to its central location in the dynamic Upper Rhine logistics region.
'Logistics properties will remain desirable despite the Covid-19 pandemic. Over the last decade, the average logistics rents in the District of Rastatt have risen by 17.1%.'
Sparkasse Karlsruhe is the financing partner in the transaction.
Real IS was advised by law firm Norton Rose Fulbright and in technical matters by Duff & Phelps. The property was brokered by Colliers Stuttgart.
