Global investment manager TH Real Estate and specialist industrial investor Palmira Capital Partners have inked the final deal for their ICF German Logistics Fund, acquiring a cold-storage warehouse in Ginsheim-Gustavsburg from Isarkies Wohn- und Gewerbergrund.
Financial details were not disclosed. The fund's portfolio now cotains 15 logistics properties.
'We are pleased with the successfully completion of the acquisition program for our investors,' commented Thorsten Kiel, head of Logistics, Europe, at TH Real Estate. 'The Papp cold storage logistics centre in Ginsheim-Gustavsburg is an excellent complement to the portfolio of the ICF German Logistics Fund, boasting a state-of-the-art fit-out and superior location in the Rhine-Main region, with over 5.5 million inhabitants in the catchment area.'
The asset comprises a warehouse with over 10,000 m2 of cold storage space, around 650 m2 of mezzanine space and 1,670 m2 of offices. Balthasar Papp Internationale Lebensmittellogistik is the main tenant occupying the majority of space in the cold storage logistics centre on a long-term lease.
The ICF German Logistics Fund was initiated by Institutional Investment Partners (2IP) for an investors’ club. TH Real Estate and Palmira Capital Partners will jointly asset manage the portfolio which holds investments in logistics locations across Germany.
TH Real Estate and Palmira Capital Partners were advised by the commercial law firm Graf von Westphalen, the Duff & Phelps’ Real Estate Advisory Group (REAG), the consultancy WTS and Ambiente Deutschland GmbH.
The seller was advised by Goodwin Procter LLP.
