Elite Partners Capital announced its latest logistics acquisition in close proximity to Stuttgart, the automotive capital of Germany.
The large-scale multi-user logistics park, located within Ettlingen West’s Industrial Zone is directly connected to the A5, A8 and A65 motorways and the Port of Karlsruhe. The logistics park is also well-served by local buses and the suburban railway network, ensuring the availability of a skilled workforce for warehouses and offices located in and around the property.
Spanning across a large site of c.180,000m2, the logistics park is in excellent condition and offers great third-party reusability by its contiguous but highly flexible layout. Over 85% of the property’s net lettable area is currently tenanted to an automotive giant on a long lease, serving as their global logistics centre. Elite Partners Capital will be working closely with the tenant to further enhance the property’s ESG specifications over the upcoming years. Post-enhancement, the property is expected to attain DGNB Gold Certification. The logistics park’s remaining lettable areas are tenanted to a good mix of innovative engineering businesses, supporting the region’s next-gen industrial growth.
Elite Partners Capital acquired the logistics park through its flagship Elite Logistics Fund II.
“We have been closely monitoring the logistics market across Pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities,” said Victor Song, co-founder and chief executive officer of Elite Partners Capital. “The stabilizing interest rates presents a strategic window of opportunity for our investors to re-enter the market,” added Song.
The asset was sold by a joint venture between TPG Angelo Gordon and aam2core Holdings AG. The transaction was brokered by CBRE’s Capital Markets team in Germany. Taylor Wessing, Alvarez and Marsal and TA Europe were the appointed advisers for Elite Partners Capital in this transaction.
Image provided by ACN News Wire.
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