Patrizia Immobilien, acting on behalf of its Patrizia Logistik-Invest Europa II fund, has acquired a portfolio of six logistics assets in Germany from Cromwell Property Group for €59m. The portfolio comprises 43,500m² of total lettable space of ‘cross-dock’ logistics facilities and is fully let with an attractive average remaining lease term of more than ten years. Four out of the six units are occupied by German logistics firm, trans-o-flex Express. The units are situated in areas of high demand for logistics space including Hurth, Kassel, Koblenz, Neumunster, Leipheim and Neuseddin.
Nicolai Soltau, Fund Manager at Patrizia, commented: “Cross-dock facilities are experiencing historically low vacancy due to the rise of e-commerce and the growing consumer demand for overnight or same-day delivery. We expect this trend to continue and the demand for high-quality, well-located logistics space, such as this portfolio, to remain acute. This acquisition provides our clients with access to a diversified portfolio that is generating long-term income with the future potential of rental growth.”