With much activity in industrial, warehousing and logistics, our deals summary 17 June concentrates on European commercial property sales in those sectors.
Amazon Fulfilment Centre sold for €186m
Location and details: Amazon’s fulfilment centre in Bardon, Leicestershire, UK.Sector: Industrial & warehousing.
Buyer: Savills Investment Management.
Seller: BNP Paribas Real Estate Investment Management (BNP Paribas REIM), acting on behalf of Vestas Investment Management (Vestas)
Price: €186 million.
Jack McCarron, Investment Director for BNP Paribas REIM, says, “Delivering a transaction of this scale for overseas investors, when travel is severely restricted has presented challenges. However, our divestment strategy was able to take advantage of the strong appetite from global capital for the UK market in general and core long income assets in particular.”
Source: https://www.propertyfundsworld.com/2021/06/09/301600/bnp-paribas-reim-uk-sells-amazon-fulfilment-centre-bardon-gbp161m
German warehouse portfolio acquired
Location and details: Four standalone discount grocers or full-line grocers and one neighbourhood retail centre, on behalf of its Deutsche Investment – Food Retail I. The retail warehouses are in the German states of Lower Saxony, Saxony-Anhalt, Saxony and Baden-Württemberg, and have a combined lettable area of around 7,400 sqm.
Sector: Industrial & warehousing.
Buyer: Deutsche Investment.
Seller: Family office in Lower Saxony.
Price: Undisclosed.
Susanne Klaussner, Managing Partner of DIR Deutsche Investment Retail GmbH, says, “The blue-chip anchored tenants with their long-term lease agreements make this portfolio a very stable investment of intrinsic value for our fund. All of the retail warehouses occupy established retail sites of high attractive pull within their regions, some of them having evolved into the dominant grocery retailers within their immediate surroundings.”
Source: https://www.deutsche-investment.com/news-reader/r-r-l-:-u-in-n-uir-n-r-r-il-r-u-r-li.html
Finland warehouse bought off-market
Location and details: The logistics facility in Hyvinkää with a GLA of around 40,000 sqm and 170,000 sqm of outdoor dispatching and storage space, has been bought for €86 million. It is fully let to Onninen, Finland’s market leader in technical wholesale services. The site also has over 100,000 sqm of unused building rights and site coverage of around 19%. This provides the potential for future development opportunities.
Sector: Industrial & warehousing.
Buyer: Barings.
Seller: NRP.
Price: €86 million.
Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe at Barings, adds, “Demand for logistics space in strategic locations has seen rapid growth in recent years across Europe, driven in part by the rise of e-commerce.
The potential de-globalisation of supply chains driven by COVID-19 will increase the demand for well-located logistics facilities. Our ambition is to expand our logistics footprint further in the Nordics, and across Europe where we have completed or are in exclusivity on c. €650 million of logistics acquisitions in 2021.
Source: https://www.barings.com/ca/guest/news/press-releases/barings-acquires-logistics-asset-in-the-helsinki-region-for-86-million
French warehouse deal
Location and details: Schroders has exchanged contracts on an 8,663 sqm warehouse in Nantes. It is fully let to Hachette Livre, a subsidiary of the leading French media group Lagardère. It has an unexpired lease term of around 7 years. The purchase is expected to complete at the start of August.
Sector: Industrial & warehousing.
Buyer: Schroders.
Seller: Undisclosed.
Price: €6.15 million.
Laurent Dubos, Head of Real Estate Investment, France at Schroder REIM says, “We have been seeking to further diversify the Company’s portfolio by both the number of assets and tenants, as well as increase its allocation to the high growth industrial sector.
This acquisition achieves these objectives increasing the portfolio’s industrial weighting from 20% to 22%, whilst deploying a portion of the proceeds from the recent sale of Boulogne Billancourt. The asset location is of strategic importance to the tenant, and one of the most desirable logistics locations in Nantes. Given local supply constraints, it is an area where we expect to see strong rental growth.”
Source: https://prod-aws.londonstockexchange.com/news-article/SERE/acquisition-of-a-french-logistics-asset/15005869
