13 December 2024: GLP Capital Partners (“GCP”), a leading global alternative asset manager and SEGRO one of Europe’s leading industrial and logistics property companies today announce the acquisition of three logistics properties in Germany by GCP from SEGRO European Logistics Partnership (“SELP”).
The portfolio is comprised of properties in Neuenstadt, Grevenbroich-Kapellen and Malsfeld with a combined rental space of 129,000 square metres, all of which are fully let. The transaction value has not been disclosed.
The logistics property in Neuenstadt am Kocher on Wilhelm-Maybach-Strasse 2-10 was built in 2009 and comprises a total of seven units. Together they offer 73,400 square metres of space. The site is located in an established business park between Heilbronn and Stuttgart, not far from the A81.
The property in Malsfeld (Bornwiese 1) was built in 2006 and expanded in 2020. It offers 35,000 square metres of rental space. It is located between Kassel and Frankfurt am Main, directly on the A7.
The 20,400 square metres in Grevenbroich-Kapellen (Konrad-Zuse-Strasse 1-3) are made up of three units, which were built in 2005 and 2007. With its location on the A46 and just west of Düsseldorf, the site offers good connections between the BeNeLux countries and the Ruhr region.
This transaction is in line with GCP’s stated strategy of acquiring high-quality logistics assets in key European markets, which enhance its portfolio and help meet the evolving needs of its customers and investors.
Jim Hartley, Managing Director Germany & Netherlands at SEGRO, said:
“This transaction is another great example of our capital recycling programme. The close working relationship between SEGRO’s Asset Management and Investment team in Germany is very evident and is producing some excellent results for our shareholders. SELP will reinvest these proceeds into higher value add activities such as our attractive development pipeline. Congratulations to all parties and their advisors on this transaction.”
Patrick Frank, Country Director Germany, GLP said:
“We are an active investor in the logistics sector and are continuously searching for sites in favourable locations, including existing facilities that can be upgraded. The acquired portfolio is a very good addition to our existing operating portfolio in these logistics markets. The facilities are excellently suited for repositioning by carrying out upgrades that increase sustainability. We will develop this potential with our proven value-added approach.”
Daan van den Hoven, Managing Director, Europe GLP Capital Partners, said:
“This transaction is in line with GCP’s stated strategy of acquiring high-quality logistics assets in key European markets, which enhance our portfolio and help meet the evolving needs of our customers and investors. We remain firmly committed to creating value for our investors by optimising returns through the recycling and deployment of capital.”
The transaction was brokered by real estate consultants Knight Frank and Jones Lang LaSalle (JLL). SELP was also advised by CMS Hasche Sigle, BRAND BERGER and ECOVIS. GLP was advised by Greenberg Traurig, TA Europe and Tauw.
Logistics Centre Neuenstadt
Logistics Centre Grevenbroich
Logistics Centre Malsfeld
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Media Contacts:
GLP Capital Partners
Ged Brumby
Edelman Smithfield
T: +44 (0)20 3047 2527
E: ged.brumby@edelmansmithfield.com
SEGRO
Daniel Hosie
PB3C GmbH
T: +49 (0)40 540 908 420
E: hosie@pb3c.com