PATRIZIA Immobilien AG's Logistik-Invest Europe I fund acquired seven logistics properties across France and Germany for €130 million, increasing its allocation to the sector.
The purchase includes four German assets, located in Hanover, Bremen, Karlsruhe and Frankfurt am Main. Developed in partnership with Panattoni Germany, these assets cover approximately 75,000 square meters. The French portfolio, with assets in Paris, Orleans and Cambrai, covers 102,000 square meters of gross lettable area.
Earlier in January, the fund purchased a portfolio of three logistics buildings in France from Montea Comm. VA for €60.4 million, representing an average initial yield of 6.88%.
The company said in a release that the acquisition comes as part of its interest in modern conventional and e-commerce logistics buildings with diverse customers. The fund is aiming to invest €500 million in European logistics sector, following increased interest from institutional investors in the fund, said Arthur Tielens, PATRIZIA Logistics' managing director.
PATRIZIA Logistics has €220 million worth of assets under management in Europe on behalf of the investors in its fund.