Invesco Real Estate has sold its 73,500m2 Hainichen logistics asset, which it completed in December 2022 and is fully let to a major German retailer, to a fund managed by Hines. The sale was transacted on behalf of Invesco’s European Value Add Fund II (EVAF II).
Located between Dresden and Chemnitz in Saxony, Hainichen was initially acquired in early 2021 and developed in partnership with FUCHS Immobilien GmbH & Co. KG. A new seven-unit facility was developed with a strong focus on the highest sustainability standards. Qualifying for the KfW40 environmental subsidy, it also received DGNB Gold Certification.
Felix Richter, Director and Co-Head of Transactions Germany, Invesco Real Estate, said: “This sale of our Hainichen asset showcases the very best of our European value-add strategy. We see continued interest from our investors for such a dedicated approach, particularly at a time when sustainability-led assets continue to attract capital flows and we remain committed to additional transactions when appropriate."
Kevin Grundy, Managing Director, Fund Management at Invesco Real Estate, said: “The Hainichen investment demonstrates the advantage of our business model which brings together global capital, a strong local presence and best-in-class joint venture partners. The foundation of the investment performance was prudent underwriting and a structure that created alignment amongst the parties. The disciplined execution of the business plan ultimately created outperformance for our investors.”
Robert Fuchs, Managing Director at FUCHS Immobilien, added: “As a general contractor on the German market, responsible for planning and construction, we were delighted with the development of this facility because it represents the highest level of quality in the European logistics industry and the best of the FUCHS Immobilien team. We look forward to working with Invesco again in the future on additional exciting projects.”
Advisers on the deal acting for Invesco Real Estate included CMS (legal), Re-Konzept & SMV (technical), EY (tax and structure) and Colliers (brokerage).
