German asset manager Values Real Estate purchased a logistics portfolio in Germany from DWS's real estate mutual fund grundimmobilien Focus Deutschland.
The four cross-dock halls, used by DHL, are located in Rostock, Dresden, Essen and Neusäß near Augsburg.
The total rentable area of the properties built in 2015/16 is 20,000 m2 on a plot size of 85,000 m2.
Sonja Ebeling, managing partner, Values Industrial, a subsidiary of the Values Real Estate group of companies, said: ‘The DHL properties now acquired are located at strategic network locations for the tenant and serve the last mile. This type of use is very interesting, especially since typical mechanized delivery bases are equipped with extensive on-site noise quotas and are hardly replicable. In addition, the acquisition of modern existing properties is proving to be very attractive in view of the high construction costs in the current market environment. The long-term, value-assured triple-net rental agreements with a service provider from the CEP sector ensure stable cash flow for the fund. The property thus contributes to the fund’s further sectoral and geographical diversification.’
The purchase of the German logistics property was brokered by BNP Paribas Real Estate, while Envirosustain provided technical and ESG support. The legal and tax due diligence on behalf of the buyer was conducted by GÖRG Rechtsanwälte.
The purchase of the DHL portfolio marks the full investment of the AIF Values logistics real estate fund that now consists of 16 logistics and light industrial properties across Germany. It has achieved its targeted size with around €460 mln in gross assets and a rental area of 322,000 m2.
The fund specifically targets prime locations (A & B) within key logistics hubs and regions with strong industrial activity. Pre-marketing for a successor fund is already underway.
