Clarion Partners Europe, the real estate investment fund manager specialising in European logistics and industrial assets, has acquired a high specification logistics facility in Sarstedt, just south of Hanover, for around €35 million, on behalf of one of its commingled funds.
The 29,011 sqm, DGNB “Gold” certified property was completed in 2020 and is fully leased to a global 3PL company, with a lease term of around six years.
Sarstedt is located within the Hanover-Brunswick-Göttingen-Wolfsburg metropolitan region, which is home to approximately 3.9 million people and ranks as the 17th largest metropolitan area in Europe by GDP. The property benefits from excellent transport links, via the A7, Germany’s longest motorway and a key north-south corridor.
Thorben Schaefer, Managing Director, Clarion Partners Europe, commented: “We continue to deploy capital acquiring mission-critical assets, leased to strong tenants, in our high conviction markets. This transaction is a perfect fit for our strategy: a modern asset, supported by defensive rents and day-one reversionary potential.”
Rory Buck, Managing Director, Clarion Partners Europe, added: “The Hanover area is one of Europe’s fastest growing logistics hubs, home to a range of blue-chip logistics and manufacturing operators.”
Clarion Partners Europe was advised by Eversheds Sutherland and Drees & Sommer. The transaction was brokered by CBRE.