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TIAA Henderson Real Estate and Palmira Capital Partners acquire a logistics property in Mannheim from DIRINGER & SCHEIDEL


TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners have acquired a newly built logistics building in Mannheim, Germany, which is being used by Deutsche Post DHL as a parcel distribution hall.

The asset represents part of the start-up portfolio for the Investoren-Club-Fonds German Logistics (ICF GLOG), an investors’ club fund launched by Institutional Investment Partners 2IP. TH Real Estate and Palmira act as asset manager for the Fund. The property was acquired from Diringer & Scheidel Wohn- und Gewerbebau.

The asset is situated in the industrial zone of Mannheim harbour. The location features good transport links and a central position in the economically strong urban area of Rhein-Neckar. The building complex was completed in September 2014 and is being used by Deutsche Post DHL (with an agreed long-term rental agreement) as a mechanised distribution centre. It comprises a hall, an integrated office and a social area with a total surface area of c.6,400 sq m.

The investment strategy for ICF GLOG, which was launched for German-speaking institutional investors, is focused on core satellite investments in high-quality logistics facilities with sustainable site quality throughout Germany. It will target long-term stable returns, guaranteeing a high-level of risk diversification.

Law firms Graf von Westphalen (Frankfurt) and GSK (Heidelberg), in addition to REAG, acted as advisors for the transaction.

Thorsten Kiel, Fund Manager at TH Real Estate said “The modern building, its excellent position in the harbour and its 24/7 operation, make this property the ideal location from which to supply this urban centre. Combined with the good rental situation, this building meets all the requirements for an ICF GLOG investment.”

Alexander Langendörfer, Managing Director of DIRINGER & SCHEIDEL, commented “We are proud that a leading investor has acquired a logistics scheme developed by us. We are delighted that TH Real Estate has further instructed DIRINGER & SCHEIDEL to act as facility manager of this asset, so we can continue to take care of this asset.”

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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