Cushman & Wakefield today announced that it has advised private real estate funds managed by Brookfield on the acquisition of an automated distribution centre in Germany’s core logistics hub of North Rhine Westphalia from Kamco Invest Group in an off-market transaction.
The facility in Werl, near Dortmund, is let to leading German automotive spare parts and service retailer ATU (Mobivia Groupe), which has around 550 branches across the country, with inflation-linked rental income and a 12-year unexpired lease term. The high specification warehouse spans more than 870,000 square meters and is purpose built to enable Mobivia to distribute 200 million individual parts – across 100,000 different items – a year.
Strategically located within Germany’s core domestic logistics hub, the distribution site also falls within Europe’s key logistics corridor extending from Northern Italy to the UK.
Dan Benhamou, Vice President, Brookfield, said: “This acquisition is our fifth logistics asset acquired in Germany this year, and reflects our ambitious strategy to ramp-up our presence in the European logistics sector. We look forward to working with the wider Mobivia group and supporting them in the next phase of their growth.”
James Chapman, International Partner from Cushman & Wakefield’s EMEA Capital Markets team, said: “This is a mission-critical automated warehouse leased to a high-quality tenant in a strategically important location. It is already a large asset providing long term cash flow and reversion potential and can be extended further adding options for the future.”
Mohammad Al-Othman, Executive Director of Real Estate at Kamco Invest, said: “We are proud of yet another successful exit for one of our managed real estate assets, taking advantage of a buoyant market and crystallising the work we have put into the asset together with the tenant. We at Kamco Invest will continue building our investment portfolio by seeking to acquire high quality assets with tenants whom we can work with to realise the true potential of the investment.”
Hassan Farran, Partner from Cushman & Wakefield’s EMEA Capital Markets team, said: “This transaction further demonstrates the strength of the European logistics market and we are extremely pleased to have been able to unlock this opportunity for our client and at the same time facilitate a successful end to Kamco’s business plan on this asset.”
