HIH Invest Real Estate has acquired a logistics property located on Hansestrasse in the town of Sittensen in Lower Saxony for an open-ended special fund owned by an institutional investor.
Financial details were not disclosed.
The modern logistics asset was constructed by Panattoni, occupies a plot of about 40,000 m2, and provides a total lettable area of about 24,000 m2, complemented by 85 parking spots.
The logistics property was completed in March.
Its sole tenant is Yusen Logistics, a German subsidiary of a globally active logistics service provider. The lease was signed for a ten-year term, starting with the completion.
'With its long lease term, this newly acquired core property generates a secure constant cash flow for the investment fund. Moreover, we are well prepared even for the time beyond the end of this lease.
'The flexible floor space configuration that is ensured by two distinct warehouse sections and a sufficient number of loading access doors creates a high alternative use potential, including for multi-tenant occupancy,' said Maximilian Tappert, head of transaction management Logistics at HIH Invest.
There are plans to have the logistics property certified under the Gold label of the DGNB German Sustainable Building Council.
The building’s structural design permits the rooftop installation of a photovoltaic system. A lease agreement for the roof surfaces has already been signed.
'The warehouse impressed us not least by being ESG compliant and by having a high energetic building quality.
'The property is also set up to accommodate the growing significance of electric mobility. EV charge points can be installed in some parts of the parking areas,' added Christian Kramp, senior fund manager of HIH Invest.
The driving time to Hamburg is about 45 minutes, and about an hour to Bremen. The ports of Bremerhaven and Wilhelmshaven are also within reach, each being a 90-minute drive away.
Legal and tax advice during the pre-acquisition audit was provided by the law firm of Ashurst in Frankfurt. The technical and ESG due diligences were conducted by Arcadis. CBRE handled the market and location analysis.