GPT Halverton has announced their latest acquisition for the EB8 logistics fund with the purchase of a portfolio of light industrial assets located in North Rhine- Westphalia, Germany for 32.2 million.
GPT Halverton has acquired five properties located across two sites in the towns of Loehne and Bad Oeynhausen totalling 82,500 m² of net lettable area. Of this space, approximately 78,660 m² comprises warehouse space and 3,860 m² comprises ancillary office and storage areas.
Loehne, Dieselstrasse (8-10), comprises three large distribution warehouses with ancillary offices totalling 78,800 m² and a separate office and administration building of around 2,090 m². All four buildings are let under strong covenants to Hermes Logistics, a subsidiary of the Otto Group, one of Europe's largest mail order companies.
Located on the northern border between North Rhine-Westphalia and Lower Saxony, the site benefits from its close proximity to some of Germany's most significant road links in the A30 / E30 and A2 / E34 autobahns giving access to the major logistics hubs of Amsterdam and Rotterdam in the West and the important markets of Hannover, Berlin, Poland and Russia in the East. The site also benefits from direct onsite rail access and is surrounded by major towns such as Hannover, Bremen and Dortmund.
The Loehne site also has additional development potential, with provisional consent granted to develop an additional 10,000 m² of warehouse space on the Loehne site to allow for further logistics growth in this location. Bad Oeynhausen, Zum Bache 4, comprises a warehouse and light production facility with ancillary offices totalling approximately 1,610 m². The building is let under strong covenants to Window Master, a ventilation products provider who are part of the VKR Group of companies.
Located approximately 5 km away from the Loehne site, it also enjoys excellent transport linkages.
Johnathan Ransom, Fund Manager, said the acquisition is in line with the EB8's investment criteria and represents an excellent opportunity for the Fund in the German market. "This is a significant acquisition for EB8, with an excellent projected income return and in Otto a quality tenant who have expressed long term commitment to the site," Mr Ransom said.
Real estate brokers Egon Meyer + Partner and Rolfconsult, based in Hamburg, acted as agents for the transaction.