The acquisition brings the total of logistics acquired this year to c. €715 million for CBRE Global Investors’ logistics platform.
BERLIN 18 November 2020 – CBRE Global Investors, on behalf of Zurich Insurance Group Germany, has acquired the newly-built 158,510 sq m Airpark Berlin logistics park from PATRIZIA.
Airpark Berlin comprises 71,657 sq m of state-of-the-art warehouse space, 5,535 sq m of mezzanine space and 5,983 sq m of office space. The facility has been delivered in three phases, with work starting in 2016 and the final phase commencing construction in February 2020. This final phase will see four new buildings being brought forward on a speculative basis, each offering 5,000 sq m of space. The entire park has been sustainably designed with excellent energy efficiency features and is 93.9% let to a diverse range of well-covenanted tenants from the industrial, food and logistics services sector.
Airpark Berlin is located one kilometer from Schönefeld Airport and the new Berlin Brandenburg Airport, anticipated to be Germany’s third largest airport with the capacity to handle up to 600,000 tons of cargo. It is situated just off the motorway A113, providing access to both the centre of Berlin as well as national and internal traffic routes.
“The acquisition of Airpark, our first logistic investment in Europe, offers additional diversification benefits to Zurich Deutscher Herold’s European real estate platform, valued at more than EUR 3 billion. We are excited about entering the German logistic market, gaining access to a high-quality multiuser logistic park in a strategic location”, said Riccardo Cobianchi, Head of Real Estate, Zurich Insurance Group Germany.
Alberto Radice Fossati, Portfolio Manager, CBRE Global Investors, commented: “This was a unique opportunity to acquire an entire high-end logistics park in one of Germany’s top logistics markets. Airpark offers both an attractive and defensive income stream for our client, as well as further reversionary potential through capital growth, with this submarket set to grow further through the opening of the new Berlin Schönefeld airport.”
“The overall outlook for German logistics remains stable and we expect appetite for modern logistics properties such as Airpark to continue due to the limited potential for new supply alongside ongoing global restrictions driving further consumer demand“ added Sebastian Ehrhardt, Head of Transactions Germany, CBRE Global Investors.
This transaction follows significant investment in European logistics by CBRE Global Investors, totally circa €715 million of acquisitions across 29 deals in nine countries so far this year. CBRE Global Investors is a leading investor and operator in the European logistics sector, with an AUM of €10.4bn*, a rental area of 7 million sq m across 11 countries.
CBRE Global Investors was advised on the transaction by CBRE, Drees & Sommer and Linklaters. The seller was advised by BNP Paribas Real Estate and Ernst & Young.
* As of 30 September 2020
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.