Elite Partners Capital, a Singapore-based firm, has bought an industrial asset south of Karlsruhe in Germany having paused from the market amid interest rate hikes of 2022 and 2023.
Speaking of the deal to acquire the 180,000 m2 industrial park in the Ettlingen-West Business park from a JV between TPG Angelo Gordon and aam2core, Elite's founder and CEO, Victor Song, said: 'We have been closely monitoring the logistics market across Pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities.'
'The stabilizing interest rates presents a strategic window of opportunity for our investors to re-enter the market.'
This followed a busy period during which the firm invested in several assets including in Poland.
Elite invests on behalf of Asian investors and is currently deploying Logisitics Fund II backed by a sovereign wealth fund alongside family offices from the region.
Previously, Elite sold half of its Fund I to Blackstone in 2021.
TPG Angelo Gordon and Frankfurt-based, aam2core, bought the 180,000 m2 industrial park in the Ettlingen-West Business park in 2020 given potential to add value at the warehouses and ten office buildings.
The pair made tenant improvements and secured long term leases with existing tenants, and reduced energy consumption. A top German automotive company leases more than 120,000 m2 at the site.
Following the sale, aam2core will oversee the installation of photovoltaic equipment.
Michael Schleich, member of the management board of aam2core, said: ‘We acquired the industrial park in 2020, optimized it through our active asset management and have now successfully sold it.'
The seller was advised by REIUS Rechtsanwälte Partnerschaft. Elite said CBRE’s Capital Markets team in Germany brokered the transaction. Taylor Wessing, Alvarez and Marsal and TA Europe were the appointed advisers for Elite Partners Capital.
