AXA Real Estate Investment Managers announces that on behalf of its European Logistics Income Venture ('ELIV'), it has acquired a class-A logistics warehouse in Niedersachsenpark, Lower Saxony, from HOCHTIEF Projektentwicklung GmbH.
The asset, which was developed by HOCHTIEF and completed in February 2009, is located in the industrial and commercial zone of Niedersachsenpark, in a dynamic area of Lower Saxony on the main arterial route between Hamburg and Dusseldorf. It comprises 44,000 m² of lettable area, of which 42,000 m² is a storage facility. It is fully let to a major global automotive business and is used as spare parts distribution center.
The property benefits from being located in an area with good transport connections, including easy access to several seaports, as well as its proximity to a number of major industrial and manufacturing businesses.
The acquisition was undertaken on behalf of AXA Real Estate's specialist logistics fund, ELIV, which specializes in investing in class A warehouses within the Euro-zone. Launched in June 2007, this core and opportunistic fund currently has approximately 200 million of assets under management across France, the Netherlands, Germany and Spain. This acquisition means that ELIV is now fully invested.
Matthias Leube, Managing Director / Head of Real Estate Germany at AXA Real Estate, said: "This latest acquisition on behalf of ELIV was an attractive opportunity to acquire an asset in an increasingly popular logistics location, which benefits from a strong tenant, delivering the fund stable cash flows."
"It builds upon AXA Real Estate's extensive logistics expertise, including at a technical and regulatory level, as well as our experienced local transactional and asset management team. This, combined with the robust nature and growth potential of the German logistics sector, will be the key drivers for delivering value from these assets."
"With the relative attraction of the local economy, Germany remains a key target territory for us, and, on behalf of a number of our clients, we are seeking further opportunities across this market, to add to our expanding portfolio in the region."
Source: FTI Consulting