Clarion Partners Europe has acquired five logistics properties across Germany totalling 251,793 sq m [circa 2.7m sq ft] for €264m, from funds managed by Blackstone.
The portfolio includes a 123,360 sq m property in Huckelhoven (pictured) let to global logistics provider Rhenus; a 46,358 sq m property in Waldlaubersheim let to pan-European 3PL provider Pfenning Logistics; and a 45,198 sq m property in Hamm let to DIY retailer Hellweg.
Thorben Schaefer, director at Clarion Partners Europe, said: “Offering direct access to key transportation hubs and major population centres, the portfolio offers an attractive mix of day one income and the medium-term opportunity to leverage our deep asset management expertise and strong occupier relationships.”
Rory Buck, managing director of Clarion Partners Europe, added: “This German portfolio directly fits with our investment strategy of acquiring modern sustainable logistics assets in locations with barriers to new supply and strong existing tenant demand. We see core markets such as Germany as highly attractive due to the country’s strong underlying property fundamentals. We continue to actively look for further opportunities across Europe which align with this strategy.”
Clarion Partners Europe was advised by Goodwin Procter, Drees & Sommer and Deloitte. Eastdil Secured acted as adviser to Blackstone.
