Hines has acquired a 38,100m² logistics property in Raunheim on behalf of its open-ended Hines European Core Fund (HECF). Hines acquired the asset from the Dietz Group’s Bensheim for an undisclosed price.
The building complex was completed in 2016 and is in a prime location in the Rhine-Main logistics region in the immediate vicinity of Frankfurt Airport. The property is located in one of the most economically strong and densely populated regions of Germany, which forms a central hub for both the country and Europe more widely, with infrastructure connections across road, rail and air, but is characterised by a low supply of available logistics space.
In addition to storage areas with standard temperatures, the property also includes temperature-controlled areas for goods that are sensitive to both heat and cold and is characterized by building specifications that are above the market standard. The logistics company Kuhne+Nagel is the main tenant with a rental area of c. 24,000m². Other tenants at the property, which is fully let, include CHI Deutschland Cargo Handling, Expeditors International and the freight forwarder Senator International.
Simone Pozzato, Senior Managing Director and Fund Manager for HECF, said: “This is a very high-quality property with strong tenants, strategically located in one of Germany’s busiest commercial hubs. We continue to see further opportunities in the logistics sector, especially for assets located in critical transport and infrastructure hubs which suffer from chronic undersupply.”
Christian Meister, Managing Director at Hines Germany, added: “With this excellently connected and strategically located property, we are expanding our commitment to the German logistics portfolio for HECF following last year's acquisition of the core logistics property ESSENtials in Essen. This acquisition underscores Hines' commitment to the asset class and reflects the currently attractive dynamics in the German logistics investment market. The property meets demand for modern, energy-efficient logistics facilities in outstanding locations.”
Image Source - Hines.
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