Real estate investment fund manager Clarion Partners Europe has acquired a logistics warehouse in Dieburg, Germany, from Union Investment.
The price of the acquisition, on behalf of one of its commingled funds, has not been disclosed.
Thorben Schaefer, Senior Director at Clarion Partners Europe, says, “This was a rare opportunity to acquire a highly sustainable, mission-critical asset, in a prime European logistics location. Benefitting from excellent transport connectivity and access to over 10 million people within a 100-kilometre radius, it represents another excellent addition to our portfolio.”
Rory Buck, Managing Director, Clarion Partners Europe, adds, “As wider market fundamentals improve heading into 2025, our deal execution track record and deep local market relationships will be increasingly key to maintaining our deployment momentum. The investment case for select German markets remain highly compelling, with a lack of new development and increasing bifurcation between sustainable and technologically-enabled space and everything else.”
Completed in 2015, the warehouse is leased to a subsidiary of German 3PL provider, Fiege Logistik Stiftung & Co KG. It is a key operations centre for Pirelli, with the capacity to store up to two million tyres.
In line with Clarion Partners Europe’s commitment to owning real estate with the highest environmental and social credentials, the property is DNGB Platinum certified with LED lighting and also solar PV across the entire roof.
Hamburg-based Union Investment held the property in the portfolio of one of its open-ended funds for 10 years.
Dieburg is less than 30 minutes’ drive from Frankfurt. It also benefits from excellent rail and arterial connectivity.
Clarion Partners Europe was advised by Colliers (commercial), Goodwin Procter (legal) and CBRE (technical).
