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TIAA Henderson Real Estate and Palmira Capital Partners acquire a logistics property in Mannheim from DIRINGER & SCHEIDEL

TIAA Henderson Real Estate (TH Real Estate) and Palmira Capital Partners have acquired a newly built logistics building in Mannheim, which is being used by Deutsche Post DHL as a parcel distribution centre. The property is part of the start-up portfolio of an investors’ club fund, launched by Institutional Investment Partners (2IP), the Investoren-Club-Fonds German Logistics (ICF GLOG), for which TIAA Henderson Real Estate and Palmira act as asset manager.

The property acquired is situated in the industrial zone of Mannheim harbour. The location features good transport links and a central position in the economically strong urban area of Rhein-Neckar. The seller is DIRINGER & SCHEIDEL Wohn- und Gewerbebau. The parties have agreed not to disclose any information about the purchase price or any other details of the transaction. The law firms Graf von Westphalen (Frankfurt) and GSK (Heidelberg), as well as REAG, acted as advisors for this transaction.

The building complex was completed in September 2014 and is being used by Deutsche Post DHL as a mechanised distribution centre. It comprises a hall and an integrated office and social area with a total surface area of around 6,400 square metres. The rental agreement will run long-term.
“The modern and for KEP usage optimised building, its excellent position in the harbour and the existing authorisation to work 24 hours per day seven days per week, make this property the ideal location from which to supply this urban centre,” said Thorsten Kiel, Manager of the funds. “Combined with the good rental situation, this building meets all the requirements for an ICF GLOG investment.”

The investment strategy for the Investoren-Club-Fonds German Logistics, launched for German-speaking institutional investors, is based on its core satellite investments in high-quality logistics facilities with sustainable site quality in Germany. The focus is to target long-term stable returns, and to guarantee a high level of risk diversification.