CCP III, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired two logistics warehouses in Germany for a total of higher than 30 million from the Logis Fund.
The assets are located in Hamburg harbor and Uberherrn in the Saarland, comprising a total of 46,621 m² of warehouses and 4,071 m² of offices. Courier firm DHL occupies the Hamburg harbor property, while
global logistics provider Dachser leases the building at Uberherrn, which lies close to France.
Cameron Spry, Head of Investments for Tristan Capital said: "Logistics is increasingly becoming a mainstream property sector asset class for institutional investors, due to its attractive rental income yields relative to other sectors.
"The supply/demand picture for the logistics market in Europe is also very positive, especially for top locations such as these, due to a dearth of development in the last few years. Therefore it's not surprising that two of the leading logistics firms in Germany had previously chosen the assets that our fund has just acquired as their strategic operational hubs".
Hamburg harbor is one of Europe's principal seaports and the continent's third largest container port. The harbor has efficient access to the main BAB 1 and 7 motorways linking to the rest of the German highway network.
Uberherrn is located in the vicinity of the French border and is one hour's drive from the Luxembourg border.
Dachser leases and owns extensive logistics space in the area, which serves as the company's operational hub for the markets of France, Germany and Luxembourg.
The Tristan's Curzon Capital Partners III core plus fundraised 420 million from institutional investors in February last year.
Advisors involved in this transaction were CBRE, Garbe Logistic AG and Taylor Wessing on the sale side as well as Alpha Industrial and Mayer Brown on the buy side.