Industry News

Union Investment has acquired a retail park at Planetenring 25-27, 31-33 in Garbsen, Germany. The acquisition of the Planetencenter is being made on behalf of special real estate fund UII GermanM. International real estate investment manager Savills Investment Management is the vendor. The purchase price was not disclosed. The town of Garbsen is part of the economically thriving Hanover region. Garbsen and Hanover form a virtually seamless whole and are very well interconnected in terms of transport links. Hanover city...

PATRIZIA AG, a leading partner for global real assets, announces that it has disposed of Kranhaus 1, a prime office asset in Cologne, to Deka Immobilien Investment GmbH, on behalf of its institutional clients. The parties agreed not to disclose the purchase price. The c.17,200 square metresproperty comprises 14 rentable floors of high-quality office space as well as a ground-floor restaurant occupied by Ox & Klee, which holds two Michelin stars. Acquiring the property during its development in 2008, PATRIZIA...

CLS announces that is has unconditionally exchanged contracts to acquire a 23,982 square metres / 258,140 square feet office building in Dortmund for EUR66.25 million (EUR2,763 per square metres) excluding costs. The property is located in a prime office location in the CBD of Dortmund, next to the central shopping district. The Central Station is within 800 metres of the asset and the underground station Stadtgarten is only a few hundred metress away. Dortmund is a top 10 city in...

In January, Logicenters expanded its presence in Norway with the acquisition of land, something which is now continuing in the country. The logistics property company has signed a new agreement for the acquisition of the Løvåsmyra 2, 8 and 10 facilities in Heimdal, just outside Trondheim. This is the first investment Logicenters has made in Trondheim. The property is 18,000 square metres with Maske Gruppen leasing 15,000 square metres. Nordic Crane and Ramudden will continue to be tenants of the...

Hines, the global real estate firm, is set to launch Hines European Value Fund 3 (HEVF 3), expected to be its largest closed-end fund to date in its growing flagship series of value-add funds in Europe, targeting equity commitments of approximately EUR1.5 billion. HEVF 3 intends to build on Hines’ principles of value-add investing applied across the fund series so far – high conviction thematic investment into tactical opportunities for value creation, supported by fundamental trends and capital markets inefficiencies...

Europa Capital, the pan-European real estate investment manager, in partnership with White Star Real Estate, announces the launch of the Central European Logistics Platform (the “Platform”) on behalf of its latest value add fund, Europa Fund VI (the “Fund”), acquiring a prime 15.0 hectares site on which it will fund the development of park22, an urban logistics park in Budapest, Hungary. The Platform, which has a target GAV of EUR150 million, will target standing logistics and urban warehousing assets and...

The Grade A logistics portfolio comprises seven UK sites, totalling 3.25 million square feet across 22 assets, including two newly built developments, and five consented land sites that are on course for completion in 2022 and H1 2023. The acquisition represents Cain’s entry into the UK logistics market. As part of the transaction, Firethorn Trust will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain International. Completion of the transaction is...

BNP Paribas Real Estate Investment Management (BNP Paribas REIM) recently acquired a residential asset for its open-ended mutual fund BNP Paribas Diversipierre. The target property is a state-of-the-art residential complex located in Hamburg’s Bergedorf district in Germany. The asset was sold by the HT Group based in Hamburg. The transaction is intended to achieve two strategic goals targeted by the fund’s management for 2022: building a residential asset portfolio for the fund and strengthening regional diversification in the target region...

Barings, one of the world’s largest diversified real estate investment managers, has agreed the forward purchase of a 90,000 square metresGrade A logistics development in Mantua, Italy, in an off-market transaction on behalf of PELV, a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core+/value-add assets. The parties agreed not to disclose the purchase price. Work has begun on the sizeable logistics facility in northern Italy, with construction set to progress...