L’Etoile Properties and the Korean Asset Management company Koramcco, acting on behalf of Korean investors, have acquired an Amazon Sortation Center in Garbsen near Hanover in Germany. The vendor is Baum Unternehmensgruppe. The property is let to Amazon Group on a long-term basis.
The newly built warehouse of c. 34,000m² interior lease area and c. 65,000m² exterior area is located in direct proximity to Autobahn 2 and is one of the first of its kind for Amazon in Europe. The share deal with a volume of c. €86m has been financed by pbb Pfandbriefbank. Once the transaction is complete, L‘Etoile Properties will take over asset and property management. The purchase marks the sixth successful acquisition on behalf of Korean clients by L’Etoile, increasing the total AuM in Germany to €2.3bn.
