The South Korean ADF Asset Management Company has purchased the H&M distribution centre in the German port city of Hamburg for over €100 mln.
The South Korean ADF Asset Management Company has purchased the H&M distribution centre in the German port city of Hamburg for over €100 mln.
ADF, which was advised by BNP Paribas Real Estate Investment Management (REIM) Germany on the deal, carried out the transaction utilising a Luxembourg vehicle. The vendor was Austrian-listed property company CA Immo.
BNP Paribas REIM Germany will take on the asset management for the property in Hamburg and BNP Paribas Real Estate Property Management will carry responsibility for the property management.
'The number of non-European investors in Germany and Europe is growing rapidly,' commented Reinhard Mattern, CEO of BNP Paribas REIM Germany. 'The BNP Paribas Real Estate Group network in Asia and the Middle East and its extensive knowledge of the European real estate markets, represent precisely the blend of components that these investors demand.'
The property in Hamburg-Allermöhe, with its 114,500 m2 of space, is the world's largest logistics center for the Swedish fashion chain, H&M, and is used for the allocation of goods to H&M stores in Germany, the Netherlands, Austria and Slovenia. The property was officially opened in 2008.