Invesco Real Estate (Invesco) has acquired Haferwende 5, a modern, large-scale food logistics asset in Bremen, one of the largest industrial locations in Germany and among its top seven logistics markets. The sellers are Nuveen Real Estate and Palmira Capital Partners. The c.56,600m² site comprises a warehouse, chilled and frozen storage zones, two-storey car parking with 318 units and 24 units of truck parking, a mezzanine and an office area. The property is fully occupied on a recently prolonged lease by Metro Logistics Germany, part of Metro Group, a leading international specialist in wholesale and food retail. The purchase price was not disclosed.
Haferwende 5 benefits from a strategic location in Bremen’s prime logistics market and along with some important trading areas such as the Rhein-Ruhr region as well as the Netherlands. The asset also enjoys excellent public transport links, being closely connected to the major motorways, while Bremen city centre is less than seven kilometres away. This is unique compared to other logistics areas in Bremen and may also provide opportunities to attract last-mile logistics tenants. The property is well-connected to several North Sea ports, particularly the one in Bremerhaven, which is the second biggest harbour-system in Germany and is ranked fourth in Europe.
“With Haferwende 5, we add another core logistic asset to our growing pan-European logistics portfolio. What makes this investment especially attractive is that land for large and easily-accessible logistics hubs close to the city center has become extremely rare and sought-after around Bremen, as in other top German logistics markets,” explained Tina Kroll, Associate Director – Transactions for Germany, Austria and Netherlands at Invesco. “The fact the asset can be used to serve the food sector, due to chilled and frozen storage zones, provides further stability, as food industry has become a major driver of this region and is one of the sectors most insulated from macroeconomic volatility.”
“As well as being a really high-quality storage and distribution centre, the long lease with Metro Logistics Germany gives this asset the long-term, stable income profile our client is looking for,” said William Ertz, Senior Director – Fund Management at Invesco. “We’re also pleased to be further enhancing the growth and diversification of the portfolio’s logistics share as this is the first German logistics asset we have acquired for this client."
