Tristan & Barings acquire 34 temperature-controlled food logistics assets

Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners and Barings, on behalf of an institutional investor, have inked a sale and leaseback deal with food logistics firm Nagel Group for 34 assets in Germany and Denmark.

Financial details were not disclosed. The portfolio comprises 260,000 m2 of temperature-controlled food logistics properties.

Under the agreement, CCP 5 LL will acquire 27 assets, comprising 180,000 m2 of space, of which around 83% of the total lettable area is located in Germany, while Barings will acquire seven assets in Germany totalling 80,000 m2.

Ali Otmar, Senior Partner and Deputy Head of Investments at Tristan, said: 'The assets in this portfolio are all situated in well-established logistics locations, in high density populated areas and/or in close vicinity to food and beverage producers.'

'The seven assets we are acquiring from this portfolio fit our core investment strategy, providing long-term income secured by a strong covenant,' said Christoph Wittkop, real estate country head, Germany, Barings.

'Having sourced the portfolio, we are now looking forward to managing the portfolio on behalf of Barings and Tristan so that we can optimise values,' Wittkop added.

Barings will provide asset management services for the entire portfolio of 34 assets.

Savills advised the buyers alongside BNP Paribas Real Estate and Ashurst (legal).


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