Logistics and warehousing dominate our European commercial property deals summary for 13 January, with significant sales in the UK and Italy. Several of the deals are off-market.
2 new UK warehouses
Location: Manchester and Birmingham
Sector: Logistics
Buyer: LondonMetric Property plc
Sellers: Marshall CDP and Opus Land
Price: £39 million
Quote: Andrew Jones, Chief Executive of LondonMetric, says, “Our strong relationships have allowed us to secure two additional high-quality assets. These newly built warehouses are fully income generating, well located and let on long leases to established and growing occupiers. They provide guaranteed rental growth, will further improve the quality of our portfolio and allow us to extend both existing and new occupier relationships.”
Source: https://www.londonmetric.com/sites/london-metric/files/press-release/21-01-12-lmp-irlam-oldbury-urban-logistics-acquisitions.pdf
Off-market new Berlin offices
Location: Michaelkirchstraße 20, Berlin, Germany
Sector: Offices
Buyer: PATRIZIA
Seller: Spree Area GmbH
Price: Undisclosed
Quote: Ulf Christiansen, Director Transactions at PATRIZIA, says, “We are pleased to have completed the off-market acquisition of this new office building in a central Berlin location that is establishing itself as a key submarket due to several other projects being under construction in the area. There is still robust demand for high-quality office space that meets the requirements of modern occupiers, including the need for buildings to have strong sustainability credentials.”
Source: https://www.patrizia.ag/en/news-detail/patrizia-acquires-new-4400-sq-m-office-building-in-central-berlin/
38-unit Danish supermarket portfolio
Location: The properties, in various locations, are on a sale and leaseback deal and are let to food discounter RIMA 1000 Denmark on a 15-year fixed-term.
Sector: Retail
Buyer: Savills IM
Seller: RIMA
Price: Around €140 million
Quote: Ian Jones, Director of Investment at Savills Investment Management, says, “We are delighted to have been able to work with REMA to close this major deal. We look forward to a long partnership with REMA to help maintain and develop their position as a leading supermarket operator in Denmark. This is the first transaction for our new flagship grocery fund, which will be investing in food retail across Europe. There is significant appetite for this sector among our investor base and we look forward to further significant transactions in 2021.”
Source:https://www.savillsim.com/2021/savills-im-acquires-38-supermarkets-in-denmark-for-new-european-food-retail-fund.aspx
Off-market logistics park in Italy
Location: CLOM (Centro Logistico Orlando Marconi), Monteprandone, central Italy, including nine warehouses and offices.
Sector: Logistics
Buyer: Cromwell EREIT Management Pte. Ltd
Seller: Family-owned
Price: Undisclosed
Quote: Cromwell’s Head of Investment, Europe, Robert Cotterell, says, “Logistics is a sector we think has strong and enduring characteristics and we are seeing opportunities in most of the countries in which we operate. COVID-19 has impacted consumer behaviour and we believe it has pulled future e-commerce and online growth forward, giving impetus to the broader sector.”
Source: https://www.cromwellpropertygroup.it/en/news/cromwell-sources-156,000-sqm-intermodal-logistics-park-in-italy-for-cereit
11-unit logistics portfolio
Location: Units in Livingston, West Lothian; Knutsford, Cheshire; Aintree; Merseyside; Beeston, Nottinghamshire, Ipswich; Suffolk, Norwich, Norfolk; High Wycombe, Buckinghamshire; Cheltenham, Gloucestershire; and Dartford and Maidstone, Kent.
Sector: Logistics
Buyer: Northwood Investors
Seller: Chancerygate
Price: Undisclosed
Quote: Chancerygate’s Head of Development, Alastair King, says, “The sale shows the strength of current investment demand for high quality, Grade A multi-unit industrial and warehousing space placed in strategic locations across the UK.”
Source: https://www.chancerygate.com/chancerygate-sells-11-asset-portfolio-to-northwood-investors/
