Global investment firm The Carlyle Group today announced that it has acquired a portfolio of three distribution logistics assets in Germany from Nuveen Real Estate and Palmira.
The portfolio comprises three high-quality assets strategically located near the major urban and trade areas of Munich, Hanover and Ulm. In aggregate, the portfolio totals 51,800 sq m of space and is 100% occupied.
Equity for the transaction came from Carlyle Europe Realty (CER), a €540 million pan-European real estate fund. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany. Today’s announcement represents the platform’s first add-on acquisition. The additional assets strategically complement the existing portfolio and significantly increase the platform’s footprint in the German urban logistics segment.
The European logistics space has been a key focus for CER since 2016. While the sector has enjoyed rapid growth in recent years, the Covid-19 pandemic has accelerated this with higher delivery volumes resulting from the continued shift towards e-commerce.
Erik Orbach, Director on the Carlyle Europe Realty advisory team, said: “We are delighted to make the first addition to our German logistics platform. The three assets are well-located, high quality and complementary to our existing assets. They further grow our exposure to what is an attractive and fast-growing segment of real estate. We remain active in continuing to identify and acquire additional logistics opportunities across both Germany and France.”
The transaction follows a busy period for the Carlyle Europe Realty fund, which included the sale of CER’s Northern Italian logistics platform for €270 million in December 2020. In February 2020, CER sold its previous French logistics platform, Hub&Flow.
Carlyle was advised by DLA Piper, PMJL, PWC and CBRE. Nuveen Real Estate and Palmira were advised by GvW, Drees & Sommer, EY, Nova-Ambiente and Colliers.
Source: Carlyle
