TH Real Estate and Palmira Capital Partners have successfully completed the investment program of the ICF German Logistics Fund. The last acquisition for the fund’s portfolio, which now contains 15 logistics properties, is the Papp cold storage logistics centre in Ginsheim-Gustavsburg. The purchase price was undisclosed.
Vendors ISARKIES Wohn- und Gewerbegrund & Co. KG and MP Holding , also developed the food logistics centre, which is located in the business park “In der Kammerwiese” in Ginsheim-Gustavsburg, Hesse. They contain a warehouse with over 10,000 m² (107, 639 ft²) of cold storage space, close to 650 m² (6,997 ft²) of mezzanine space and 1,670 m² (17,976 ft²) of offices and staff rooms. The property, located at the heart of the Rhine-Main region, has excellent links to the surrounding cities and the Frankfurt airport. The Papp offers tri-modal cargo handling via motorways, rail and rivers. The company “Balthasar Papp Internationale Lebensmittellogistik” is the main tenant occupying the majority of space in the cold storage logistics centre, on a long-term lease.
Thorsten Kiel, Head of Logistics, Europe, at TH Real Estate, comments: “We are pleased with the successfully completion of the acquisition program for our investors. The outstanding commitment of all parties involved and our strong network have enabled us to conclude the transactions within the scheduled timeframe. The Papp cold storage logistics centre in Ginsheim-Gustavsburg is an excellent complement to the portfolio of the ICF German Logistics Fund, boasting a state-of-the-art fit-out and superior location in the Rhine-Main region, with over 5.5 million inhabitants in the catchment area.”
The ICF German Logistics Fund was initiated by Institutional Investment Partners (2IP) for an investors’ club. TH Real Estate and Palmira Capital Partners will jointly asset manage the portfolio which holds investments in top logistics locations across Germany.