LIP Invest has acquired the fourteenth and thus last property for its first logistics real estate fund "LIP Real Estate Investment Fund – Logistics Germany" launched in 2018. The €340m fund has now been fully invested within the planned time-frame of 1,5 years. The asset knows as “Log Plaza Kerpen 5” has been sold by Kerpen LPK 5. The project was developed by the nationwide active project developer ALCARO Invest. All parties concerned have agreed not the disclose the purchase price.
“We were able to successfully bid against a small circle of selected potential investors in an off-market procedure and secure the attractive property for our fund. The long-standing close business relationship with ALCARO Invest GmbH and OSMAB Holding AG ultimately tipped the scales in our favour," said Bodo Hollung, Partner and Managing Director of LIP.
The scheme is leased to Logwin Solutions Deutschland, a worldwide logistics service provider, and to Saint-Gobain Autover Deutschland a global company providing vehicle glass replacement. The regeneration and development of the Porta high-bay warehouse at 61 Bosch Strasse, Kerpen, started at the beginning of 2018 and was completed in the second quarter of 2020. “By converting brownfield sites, we as developers are taking the longer route. Often buildings are left empty for many years”, commented Anton Mertens, Managing Director of Alcaro Invest.
The multi-user logistics building comprises of 25,905m² of multi-functional warehouse space, 2,271m² of premium office space as well as 120 car parking spaces on a 50,000m² site. Originally erected in 1984, the 25m high special-purpose object, which had previously been used as a furniture warehouse, was carefully dismantled by ALCARO, allowing 1,800 tonnes of steel, 1,200 kilogrammes of copper as well as 13,500 cubic metres of RCL material to be reclaimed and reused in the base layer of the new construction.
The location of the logistics complex is highly desirable as it lies in the middle of the Cologne Metropolitan Area, it is near the A4 motorway junction with access to the A61, public transport is within walking distance and Cologne city centre a mere 35km away. The neighbourhood is characterized by properties with logistics and light industrial uses.
