Patrizia acquires German logistics portfolio
Patrizia Immobilien, acting on behalf of the Patrizia Logistik-Invest Europa II fund, acquired six logistics asset portfolios from Cromwell Property Group in Germany. Logistics assets cost € 59 million.
The portfolio covers a total area of 43,500m². However, it is completely free with the average rental period for more than ten years. Four out of six units were occupied by the German logistics company trans-o-flex Express. The units consist of Hurth, Kassel, Koblenz, Neumünster, Leipheim and Neuseddin.
Nicolai Soltau, Fund Manager at Patrizia, commented: “Cross-dock facilities are experiencing historically low vacancy due to the rise of e-commerce and the growing consumer demand for overnight or same-day delivery. We expect this trend to continue and the demand for high-quality, well-located logistics space, such as this portfolio, to remain acute. This acquisition provides our clients with access to a diversified portfolio that is generating long-term income with the future potential of rental growth.”
Sevdenur Demir / [email protected]