ICF German Logistics Fund adds final acquisition to portfolio

TH Real Estate and Palmira Capital Partners have successfully completed the investment program of the ICF German Logistics Fund with the acquisition of the Papp cold storage logistics centre in Ginsheim-Gustavsburg.

The fund’s portfolio now contains 15 logistics properties.
 
Vendors ISARKIES Wohn- und Gewerbegrund GmbH & Co. KG and MP Holding GmbH, also developed the food logistics centre, which is located in the business park “In der Kammerwiese” in Ginsheim-Gustavsburg, Hesse. They contain a warehouse with over 10,000 sq m (107, 639 sq ft) of cold storage space, close to 650 sq m (6,997 sq ft) of mezzanine space and 1,670 sq m (17,976 sq ft) of offices and staff rooms. The property, located at the heart of the Rhine-Main region, has excellent links to the surrounding cities and the Frankfurt airport. The Papp offers tri-modal cargo handling via motorways, rail and rivers. The company “Balthasar Papp Internationale Lebensmittellogistik” is the main tenant occupying the majority of space in the cold storage logistics centre, on a long-term lease.
 
Thorsten Kiel, Head of Logistics, Europe, at TH Real Estate, says: “We are pleased with the successfully completion of the acquisition program for our investors. The outstanding commitment of all parties involved and our strong network have enabled us to conclude the transactions within the scheduled timeframe. The Papp cold storage logistics centre in Ginsheim-Gustavsburg is an excellent complement to the portfolio of the ICF German Logistics Fund, boasting a state-of-the-art fit-out and superior location in the Rhine-Main region, with over 5.5 million inhabitants in the catchment area.”
 
TH Real Estate and Palmira Capital Partners were advised by the commercial law firm Graf von Westphalen, the Duff & Phelps’ Real Estate Advisory Group (REAG), the consultancy WTS and Ambiente Deutschland GmbH. The seller was advised by Goodwin Procter LLP.
 
The ICF German Logistics Fund was initiated by Institutional Investment Partners (2IP) for an investors’ club. TH Real Estate and Palmira Capital Partners will jointly asset manage the portfolio which holds investments in top logistics locations across Germany.