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TIAA Henderson Real Estate and Palmira Capital Partners acquire two logistic assets in Germany

TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners have acquired a logistics centre in the south of Bremen, in addition to a fulfilment centre in Greven near Münster, both in Germany.

Both assets were acquired on behalf of TH Real Estate’s German Logistics Fund (GLOF).

The “Bremen I-Park” asset provides a net lettable area of c.35,000 sq m. Its main tenant is Daimler AG. It is ideally situated between downtown Bremen, the A1 motorway, and the manufacturing plant of Daimler AG. The estate, which comprises a total area of c.52,000 sq m, includes an existing asset and a new building completed in Autumn 2013, each comprising two separate warehouses and feature storage, social and office areas. The site also benefits from 120 parking spaces.

The asset in Greven was acquired from the Euro Logistik 1 Fund, which is managed by Internos Global Investors. The property provides c.41,000 sq m in net lettable area. Located directly next to the A1 motorway, it is a new logistics and distribution warehouse for online retailers, operated by DHL on behalf of its client HSE 24. The total site area of c.86,000 sq m also offers 250 parking spaces.

The parties agreed not to disclose the sales price on either asset.

The acquisitions mark the 11th & 12th purchases for the Fund. GLOF was established in December 2012 in conjunction with Palmira Capital Partners. Its target investment portfolio is €375m - €400m.

The Euro Logistik 1 Fund is part of the portfolio of Internos Spezialfondsgesellschaft mbH (formerly Commerz Real Spezialfondsgesellschaft mbH), which was acquired by the Internos Group in October 2013. After the disposal, the fund’s portfolio now comprises 15 logistics properties in France, Italy, the Netherlands and in Germany, where three of the properties are located with a combined total space of 51,000 sq m. 
Thorsten Kiel, Fund Manager, commented: "The large footprint that the automotive industry has in Bremen, makes it an attractive business location with a high, stable demand for transport and warehousing space. The region has limited supply for logistics assets of this quality with optimum transportation access. The asset in Greven enhances the fund portfolio further, introducing an advanced logistics facilities with direct access to the parcel warehouse - Deutsche Post Greven - making it a convenient location for supplying the major conurbations of North Rhine-Westphalia, in addition to cross-European distribution."

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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