Tristan fund acquires German logistics warehouses for more than EUR30m
CCP III, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired two logistics warehouses in Germany for a total of higher than EUR30m from the Logis Fund.
The assets are located in Hamburg harbour and Überherrn in the Saarland, comprising a total of 46,621 square metres of warehouses and 4,071 sq m of offices. Courier firm DHL occupies the Hamburg harbour property, while global logistics provider Dachser leases the building at Überherrn, which lies close to France.
Cameron Spry, head of investments for Tristan Capital, says: “Logistics is increasingly becoming a mainstream property sector asset class for institutional investors, due to its attractive rental income yields relative to other sectors. The supply/demand picture for the logistics market in Europe is also very positive, especially for top locations such as these, due to a dearth of development in the last few years. Therefore it’s not surprising that two of the leading logistics firms in Germany had previously chosen the assets that our fund has just acquired as their strategic operational hubs.”
Hamburg harbour is one of Europe’s principal seaports and the continent’s third largest container port. The harbour has efficient access to the main BAB 1 and 7 motorways linking to the rest of the German highway network.
Überherrn is located in the vicinity of the French border and is one hour’s drive from the Luxembourg border. Dachser leases and owns extensive logistics space in the area, which serves as the company’s operational hub for the markets of France, Germany and Luxembourg.
The Tristan’s Curzon Capital Partners III core plus fund raised EUR420m from institutional investors in February last year.
Advisors involved in this transaction were CBRE, Garbe Logistic and Taylor Wessing on the sale side as well as Alpha Industrial and Mayer Brown on the buy side.