Clarion Partners Europe, the real estate investment fund manager specialising in logistics and industrial assets, has acquired - on behalf of one of its commingled funds - a portfolio of five modern, institutional-quality logistics properties across Germany, totalling 251,793 sqm. The portfolio was acquired from funds managed by Blackstone. This acquisition takes Clarion Partner Europe's total deployment since March this year to €428 million.
The portfolio consists of five modern, Grade A logistics assets with strong ESG credentials:
- A 123,360 sqm property in Huckelhoven, in the densely populated North Rhine-Westphalia region. The property has a DGNB Gold certification and is fully let to global logistics provider Rhenus.
- A 46,358 sqm property in Waldlaubersheim, 74km west of Frankfurt. The property is fully let to pan-European 3PL provider Pfenning Logistics.
- A 45,198 sqm property in Hamm, in the northeastern Ruhr area. The property has a DGNB Gold certification and is fully let to DIY retailer Hellweg.
- A 21,818 sqm property in Linsengericht, 47km east of Frankfurt. The property has a DGNB Gold certification and is fully let to global logistics provider Rhenus.
- A 15,059 sqm property in Schwabisch Gmund, 60km east of Stuttgart. The property has a DGNB Gold certification and is fully let to Robert Bosch.
Thorben Schaefer, Director at Clarion Partners Europe, commented: "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, 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.
Properties may pay registration and certification fees to pursue and maintain ESG rankings, ratings, and certifications.