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TIAA Henderson Real Estate and Palmira Capital Partners Acquire Fulfilment Centre in Greven

TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners just acquired a fulfilment centre in Greven near Münster, Germany, that is earmarked for its institutional fund, German Logistics Fund (GLOF). The Bargainor is the Euro Logistik 1 fund managed by Internos Global Investors. The property provides around 41,000 square metres in net lettable area. The parties agreed not to disclose the sales price.

The fulfilment centre, which is located on a 86,000 square metres large estate directly next to the A1 motorway, is an as-new logistics and distribution warehouse for online retailers and provides sufficient space for 250 parking spaces. It is operated by DHL on behalf of its client HSE 24.

“Within this region between Münster and Osnabrück, the fulfilment centre counts among the most advanced logistics facilities, especially for e-commerce users, with direct access to a parcel warehouse of Deutsche Post. Greven is a convenient location for supplying the major conurbations of North Rhine-Westphalia, but also for cross-European distribution,” says Thorsten Kiel, the Fund Manager of the German Logistics Fund.

The acquisition of the fulfilment centre is the twelfth acquisition on behalf of the GLOF that TH Real Estate has transacted together with Palmira since December 2012. Administered by the investment service platform of IntReal KAG, the fund has a target volume of 375 to 400 million euros.

The EURO LOGISTIK 1 fund is part of the portfolio of Internos Spezialfondsgesellschaft mbH (formerly Commerz Real Spezialfondsgesellschaft mbH), acquired by the Internos Group in October 2013. Apart from the fulfilment centre sold now, the fund’s portfolio encompasses 15 logistics properties in France, Italy, the Netherlands and Germany, where three of the properties with around 51,000 square metres are located.