Oxenwood Acquires three logistics facilities in Germany for €52 million
Oxenwood Real Estate, the UK and European real estate investment management firm, has acquired three logistics facilities in Germany in three separate transactions for more than €50 million.
The acquisitions, which include a forward funding and two investment properties, have been made by Oxenwood for Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda) Ltd, and continue its continental European investment drive, which began nearly four years ago.
At Neuss, which is located in the Düsseldorf logistics region, Oxenwood is forward funding the speculative development of a 12,000 sq m facility at Bockholtstrasse 129. The development will be a high-quality, last-mile facility, which will be constructed to a minimum DGNB (German Sustainable Building Council) “Gold” sustainability certification. Construction is already underway, with RED Property Group acting as project developer and Goldbeck as the general contractor. Practical completion is expected in the second quarter of 2022. RED Property Group and CBRE have been appointed as letting agents.
At Schweitenkirchen, a logistics area located between Munich and Ingolstadt, Oxenwood has acquired an 11,550 sq m facility at Otto-Hahn-Ring 17, which is let to Deutsche Post Immobilien (and occupied by its sister company, DHL Freight) and WHC, a local company. The location on the A9 has direct access to the motorway and Munich Airport can be reached quickly in around 15-20 minutes.
In Hilden, which is 15km south east of Düsseldorf, Oxenwood has acquired a 6,860 sq m cold storage logistics facility at Westring 15, which is let to Kraftverkehr Nagel, a subsidiary of Nagel-Group, for frozen food distribution.
Stewart Little, co-founder and CEO of Oxenwood, said: “With Germany a key strategic market for us, the acquisition of these assets demonstrates our ability to find opportunistic deals in a very competitive sector. All three properties are very well positioned to capitalise on future growth and provide us with opportunities to add value through short-term asset management initiatives”.
Oxenwood was advised by Jones Day (legal), Arcadis Germany GmbH (technical) and EY (tax). Colliers International Deutschland GmbH provided commercial advice on the Schweitenkirchen transaction. At Neuss, the seller was advised by Rotthege (legal). Anteon Immobilien GmbH & Co. KG advised exclusively on the Hilden and Schweitenkirchen transactions for the sellers.