Warburg-HIH Invest Real Estate has announced the acquisition of a logistics property located in Henstedt-Ulzburg, near Hamburg, on behalf of its Warburg-HIH Logistik Deutschland Invest open-ended special fund from the municipality of Henstedt-Ulzburg. Financial details were kept confidential.
Verdion is developing the property in close collaboration with Warburg-HIH Invest. The plot, which extends over 33,350 m2, provides a gross lettable area of around 19,250 m2 and 153 car parking spots. The asset is pre-let on a long term basis to Boeing Distribution Services, which will use it as its European distribution centre for the maintenance and repair business, employing around 190 staff.
The development is scheduled for completion by the first quarter of 2022.
Warburg-HIH Deutschland Logistik Invest focuses on new high-spec logistics warehouses with alternative use potential in Germany. The fund is targeting a size of €500 mln, having raised €275 mln of equity from institutional investors.
Lars Bothe, senior transaction manager Germany at Warburg-HIH Invest, said: ‘The acquisition of this asset helps us achieve an even broader portfolio diversification in terms of geography and tenant-mix. At the same time, we are further expanding the ‘Core’ orientation of the fund with this property, which is occupied on a long-term lease.’
’With its long lease term of well over ten years, the acquired asset will generate a secure continuous cash flow for the fund. Given the very strong demand for logistics real estate, we are quite glad we succeeded in securing this attractive investment for the fund by acquiring it in the early stage of development,’ said Andreas Strey, co-head of fund management and head of logistics at Warburg-HIH Invest.
CBRE acted as broker.
