Kajima, the pan-European property investor, developer, and asset manager, has sold its logistics scheme ‘The Park’ in Germany, to a Joint-Venture advised by JP Morgan Global Alternative and Cromwell Property Group. The deal comprises an existing logistics hub of five warehouses, totalling 69,000 sqm rental area, and a parking lot in Kaltenkirchen, north of Hamburg. The buyer was advised by Hengeller Müller, Hogan Lovells and Colliers. Berlin Hyp provided third-party-financing for the acquisition.
Located next to the A7 Autobahn, Europe’s longest motorway connecting Germany’s northern border with Denmark to the southern border with Austria, ‘The Park’ is ideally situated for e-commerce and traditional logistics occupiers. Furthermore, The Port of Hamburg, Europe’s second-largest port and a key gateway for trade with China, Asia, the Middle East, and the Americas, is 54 km away from Kaltenkirchen.
The logistics park has been fully let with online retailer Amazon and furniture designer Riess-Ambiente among the tenants.
The Park achieved DGNB Gold certification from the German Sustainable Building Council, demonstrating the high sustainability credentials of the scheme.
As part of its strategy to invest, develop and manage a diverse range of assets across Europe, the sale of the scheme marks a significant milestone in Kajima’s investment in Germany’s rapidly expanding logistics sector.
Kajima’s logistics portfolio features developments across key sites in Germany, France, Spain, Italy, Poland, and the Netherlands.
Daniel Bumpstead, Head of European Investments at Kajima, said: “The Park is an example of a high-end, contemporary warehouse developed in one of the strongest emerging sub-markets of Hamburg. The sale of this scheme demonstrates liquidity in the German market and shows demand for logistics is still strong despite the dynamically changing economic environment.”