Deka Immobilien has secured a 50% stake in a logistics portfolio in Germany with a total value of c. €1.12 b. Deka Immobilien accounts for c. €560m. The package consists of fully let existing properties built from 2021 onwards and project developments due for completion by 2024 and is spread across five locations in Germany.
The seller of the shares and future joint venture partner with a 50% stake in each of the five property companies is VGP N.V., which specialises in logistics properties. The transaction is still subject to approval by the authorities.
The properties in Berlin, Laatzen and Magdeburg are intended for the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The properties in Gottingen and Giessen are to be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
The logistics halls in Berlin have an area of c. 69,000m2. These are let to ten users, with the Rieck Logistics Group and Amazon occupying the largest areas. The properties in Laatzen comprise approximately 127,000m2 of lettable space, which four companies share. The buildings in Magdeburg are occupied by ten companies. The international logistics service provider Rhenus uses the majority of the space.
In Gottingen, the lettable space comprises 86,000m2 . The two buildings are let to three companies, with MediaMarktSaturn being the primary user. The three buildings in Giessen with more than 210,000m2 of space are let to four occupiers. The primary user is Zalando.
All properties are conveniently located and have been certified or are striving for certification with the DGNB Silver or Gold seal of quality for sustainable construction. The hall in Gottingen has been awarded the British BREEAM "Very Good" seal of approval for sustainable construction.
"With the largest transaction to date in the European logistics market in 2023, we are investing in a first-class portfolio in five established locations. All properties have very good construction quality, meet our high ESG criteria and have been recently completed or will be handed over to tenants in the next twelve months," said Victor Stoltenburg, Managing Director of Deka Immobilien.
