TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners have acquired a logistics centre in the south of Bremen and a fulfilment centre in Greven near Münster, both in Germany.

TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners have acquired a logistics centre in the south of Bremen and a fulfilment centre in Greven near Münster, both in Germany.

Both assets were acquired on behalf of TH Real Estate’s German Logistics Fund (GLOF). The parties agreed not to disclose the investment volume for either asset.

The acquisitions mark the 11th & 12th purchases for the fund. GLOF was established in December 2012 in conjunction with Palmira Capital Partners. Its target investment portfolio is €375 mln - €400 mln.

The 'Bremen I-Park' asset provides a net lettable area of 35,000 m2. Its main tenant is car marker Daimler. It is situated between downtown Bremen, the A1 motorway, and Daimler's manufacturing plant.

The estate, which comprises a total area of 52,000 m2, includes an existing asset and a new building completed in autumn 2013, each comprising two separate warehouses and feature storage, social and office areas. The site also has 120 parking spaces.

The asset in Greven was acquired from the Euro Logistik 1 Fund, which is managed by Internos Global Investors. The property provides 41,000 m2 in net lettable area. Located directly next to the A1 motorway, it is a new logistics and distribution warehouse for online retailers, operated by DHL on behalf of its client HSE 24. The total site area of 86,000 m2 also offers 250 parking spaces.

The Euro Logistik 1 Fund is part of the portfolio of Internos Spezialfondsgesellschaft (formerly Commerz Real Spezialfondsgesellschaft), which was acquired by the Internos Group in October 2013. After the disposal, the fund’s portfolio now comprises 15 logistics properties in France, Italy, the Netherlands and in Germany, where three of the properties are located with a combined total space of 51,000 m2.

Thorsten Kiel, fund manager for GLOF, noted that the large footprint that the automotive industry has in Bremen, makes it an attractive business location with a high, stable demand for transport and warehousing space. 'The region has limited supply for logistics assets of this quality with optimum transportation access. The asset in Greven enhances the fund portfolio further, introducing an advanced logistics facilities with direct access to the parcel warehouse - Deutsche Post Greven - making it a convenient location for supplying the major conurbations of North Rhine-Westphalia, in addition to cross-European distribution.'