Global investment manager Invesco has purchased a logistics facility in the northern German city of Bremen.
Financial details were not disclosed.
The vendors in the transaction were Nuveen Real Estate und Palmira Capital Partners.
The asset is named Haferwende 5 and comprises 56,000 m2. It is let to a wholesale food tenant on a long-term stable lease.
It features a warehouse, chilled and frozen storage zones, two-storey car park with 318 units and 24 units of truck parking, a mezzanine and an office area.
The building is also in close proximity to major motorways, with Bremen city centre less than seven kilometers away. This is unique compared to other logistics areas in Bremen, said Invesco. It hopes to attract last-mile logistics tenants.
Tina Kroll, associate director of transactions for Germany, Austria and Netherlands at Invesco, said: ‘With Haferwende 5, we add another core logistic asset to our growing pan-European logistics portfolio. What makes this investment especially attractive is that land for large and easily-accessible logistics hubs close to the city center has become extremely rare and sought-after around Bremen, as in other top German logistics markets.
‘The fact the asset can be used to serve the food sector, due to chilled and frozen storage zones, provides further stability, as food industry has become a major driver of this region and is one of the sectors most insulated from macroeconomic volatility.’