Invest Real Estate (Warburg-HIH Invest) just acquired a portfolio of
four new-build logistics warehouses from COMPLEMUS Real Estate that are
earmarked for the “Warburg-HIH
Deutschland Logistik Invest” open-ended special AIF. Three
of the assets are located in the state of North Rhine-Westphalia, while
one is located in Rhineland-Palatinate. The portfolio collectively
covers a gross lettable area of 33,300 square metres, thereof 25,600
square metres let to Amazon on a long-term lease of 15 years. The
new-build logistics assets represent essential core portfolio components
of this logistics real estate fund, which is still
going through its investment period. The fund is planned to have a
total volume of 500 million euros, the equity capital target being 300
million euros. Out of this amount, c. 150 million euros are still
available for subscription by prospective investors.
The annual dividend yield is expected to range between 4.5 and 5.5
percent. Institutional players may invest in the fund by acquiring
equity interests of 2.5 million euros or more.
“This investment in the promising last-mile segment secures assets of new-build quality and alternative use potential for our fund that are occupied by tenants of good covenant strength, such as Amazon,” said Andreas Strey, Senior Fund Manager at Warburg-HIH Invest.
“Demand for logistics facilities in Germany is permanently strong. The acquisition of this portfolio lets our investors buy into the dynamically growing market for courier, express and parcel services, the so-called CEP market. This industry has been virtually unaffected by the current economic dip and offers secure long-term cash flow returns to our investor,” said Carsten Demmler, Head of Capital Management at Warburg-HIH Invest. “We are currently in talks with logistics developers regarding further acquisitions. This way, we are quickly filling up our property pipeline, which will enable us to meet the demand among our investors via near-term drawdowns,” said Demmler.
Matthias Dötsch and Andreas Preusser, Managing Director of COMPLEMUS Real Estate in Aachen, struck a similar note by saying: “We would like to thank Warburg-HIH Real Estate for the trust-based and professional collaboration during this transaction. We serve the demand-side market for logistics real estate with alternative use potential in attractive locations in German conurbations. We succeeded in meeting the sophisticated requirements of our client Amazon, including in regard to location requests and implementation speed.”
The single-tenant properties, some of whom are still under construction, offer a total lettable storage and logistics space of more than 33,300 square metres and about 1,200 parking spots. One distribution centre of 7,800 square metres of lettable area, let long-term to Amazon in its entirety, is under construction in the administrative district of Cologne. The lease term is 15 years. Another distribution warehouse, located in the administrative district of Düsseldorf and completed in 2019, provides more than 7,400 square metres of lettable area and is also fully-occupied on a long-term lease of 10 years. Assets currently under development include another distribution centre of 9,500 square metres in the Düsseldorf administrative district and a logistics property of 8,360 square metres in Rhineland-Palatinate. These properties, too, are fully let to Amazon as single-tenant properties on long-term leases of 15 years. The last of the distribution centres is scheduled to be completed by the first quarter of 2021. Worth noting moreover is that all of the properties come with a 24/7 operating license and with on-site land reserves for additional development.
Source : Company