CDC Investissement Immobilier acquires an urban logistics asset in Hamburg
Paris, 2 September - CDC Investissement Immobilier, the asset management subsidiary of French Caisse des Depots, acquires a core urban logistics asset located in Hamburg Billbrook area, one of Germany’s leading industrial hubs, marking its sixth investment in Germany. AEW, one of the world’s largest real estate investment and asset managers, advised CDC Investissement Immobilier on the off-market acquisition and will be in charge of the asset management. The vendor is a project company owned by the Frankfurt-based developer Mercurius Industrial Properties GmbH.
The asset comprises a c. 11,000 sqm new Grade A urban logistics facility, which is let to a blue-chip tenant specialised in intralogistics solutions on a 15-year fixed term lease with the building serving as an important part of its production, engineering and warehouse facilities. The unit has been constructed to modern technical standards and is targeting DGNB Gold certification.
Adjacent to the new building is an existing 3,000 sqm warehouse, which is let on a long-term lease to a German logistics services provider. The unit offers potential for further development and value creation.
Billbrook is Hamburg’s second-largest industrial hub after the port of Hamburg and forms part of the largest contiguous industrial area in Northern Germany outside the port, accommodating more than 1,000 companies across approximately 770 hectares. Hamburg is renowned for its best-in-class infrastructure including Europe’s third largest port, leading rail freight terminal and road infrastructure.
The asset offers excellent transport links with direct access to the A1 and A25 motorways, as well as the B5 road which connects to the Port of Hamburg. Hamburg’s city centre is approximately 15 minutes drive away and approximately 1.2 million people can be reached within a 30-minute drive time. Public transport is also found near to the asset with bus and S-Bahn services ensuring accessibility for employees.
We are happy to add this nice logistic asset to our German portfolio, a market where we did more than €300m investment over the last 2 years. This off market transaction, combining a prime core asset and an old asset to be redeveloped in the mid-term, is a strong example of our ability to generate long-term return in strategic locations
This investment represents a rare opportunity to acquire a newly built, prime urban logistics facility in one of Hamburg’s most supply constrained logistics submarkets. This investment delivers secured, long-term, index-linked income from established occupiers. The transaction also highlights AEW’s ability to source high-quality off-market opportunities through its strong local network
CDC Investissement Immobilier and AEW were advised by Noerr, TA Europe, Nova Ambiente, the vendor by RPT Rechtsanwälte and CBRE.