Kajima has sold The Park logistics scheme north of Hamburg, in Germany, to a joint venture advised by JP Morgan Global Alternative and Cromwell Property Group, for an undisclosed price.
The 69,000 sq m (circa 743,000 sq ft) park, which comprises a hub of five warehouses, is located next to the A7 autobahn and within easy reach of the Port of Hamburg. It is fully let to occupiers including Amazon and furniture designer Riess-Ambiente.
Daniel Bumpstead, head of European investments at Kajima, said: “The Park is an example of a high-end, contemporary warehouse developed in one of the strongest emerging sub-markets of Hamburg. The sale of this scheme demonstrates liquidity in the German market and shows demand for logistics is still strong despite the dynamically changing economic environment.”
The buyer was advised by Hengeller Müller, Hogan Lovells and Colliers. Berlin Hyp provided third-party financing for the acquisition.
