Paris-headquartered L’Etoile Properties and Korean asset management company Koramco have bought an Amazon sortation centre in Garbsen, near Hanover in Germany, on behalf of Korean investors in an off-market share deal worth €86 mln.
The developer, Baum Unternehmensgruppe, let the property to an Amazon Group company on a long lease. The 34,000 m2 building situated on a 65,000 m2 site is the first of its kind for Amazon in Europe.
The sortation centre is the final step in Amazon’s order delivery chain.
The transaction has been financed by pbb Pfandbriefbank. L‘Etoile Properties will provide asset and property management.
This article first appeared in EuroProperty, the weekly publication of PropertyEU