Barings, one of the world’s largest diversified real estate investment managers, announces,that it has acquired two logistics properties in Sarstedt, south of Hanover, Germany, from Hanover-based Bertram Projektmanagement GmbH on behalf of a European core strategy.
One of the assets is an existing logistics property with a rental area of c. 30,000 sq m, which is fully let to a leading drugstore operator. The second is a c. 28,000 sq m logistics asset that is being developed by Bertram Bau und Invest GmbH. Goldbeck will act as the general contractor for the property and completion is due in the third quarter of 2021.
The c. 108,000 sq m site benefits from excellent accessibility, with a direct connection to the A7 motorway, which links the greater Hanover area with both Hamburg and southern Germany. The A2 motorway, a central east-west axis between the Ruhr area and Berlin, also crosses in the immediate vicinity. The site is located in the heart of a junction of three corridors of the Trans-European Transport Network, which extends from the Mediterranean to Scandinavia.
The total volume of the acquisition is dependent on the level of leasing achieved on the project at completion and is capped at a total of €50 million. The acquisition increases Barings’ strategically located European logistics portfolio to 2.4 million sq m across 8 countries, including France, Netherlands, Italy, Spain and Sweden.
Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe at Barings, commented: “This asset fits perfectly into Barings European logistics core strategy buying into strong markets with development potential in the future. This transaction represents our fifth acquisition in Europe taking the 2020 logistics acquisition volume to € 260m. Despite COVID-19, we are still keen to expand our logistics investment programme in the Nordic countries, the UK, the Netherlands, Germany, Italy, France and Spain. Transactions with upside potential or forward deal structures are our main focus this year.”
Source : Company