The two assets, located in Glauchau and Zwickau, together comprise 92,000m2 of warehouse space within the Zwickau automotive region in Saxony, the established hub of German e-mobility. Both the assets (Glauchau 45,000m2 and Zwickau 47,000m2) are let to blue chip tenant VW. The assets were acquired from the tenant, Schnellecke.
The deal forms part of a wider roll-up strategy to form a logistics and light industrial platform of around €300m through the aggregation of well-located single or multi-let assets.
Constantin Plenge, Managing Director at Tristan Capital Partners, said: “The Platform’s geographic focus during Phase I is on Germany’s established, strategic logistic hubs countrywide, with strong suitability for industrial real estate and ESG credentials. We intend to follow this acquisition with further investments in the European logistics sector, through sales and leasebacks, forward purchases, vacant possessions, and mid-market transactions, as we believe that the long-term appeal for these assets will continue to grow. Germany has an open and robust economy which provides an important transit corridor across Europe alongside strong domestic demand for logistics services. The country’s powerful export sector and 83 million inhabitants play a pivotal role in the strong fundamentals of the German logistics market and its crucial role in European transport infrastructure.”
Vincent Schneider, Managing Director at Scantum DW, added: “This is a great start to our joint platform with Tristan. We are also looking forward to work our tenants to further improve the asset and create a facility that meets today’s ESG criteria.”