HIH Invest acquires logistics property for open-ended fund
HIH Invest Real Estate has purchased a logistics property located on Hansestrasse in the town of Sittensen in Lower Saxony, Germany, for an open-end special fund owned by an institutional investor.
Constructed by Panattoni, the property occupies a plot of about 40,000 square meters (430,556 square feet) and provides a total leasable area of about 24,000 square meters (258,334 square feet), which breaks down into 21,403 square meters (230,380 square feet) of logistics space, 1,419 square meters (15,274 square feet) of mezzanine space, and 1,110 square meters (11,948 square feet) of office space, complemented by 85 parking spots.
Its sole tenant is Yusen Logistics GmbH, a German subsidiary of a globally active logistics service provider.
“With its long lease term, this newly acquired core property generates a secure constant cash flow for the investment fund,” said Maximilian Tappert, head of transaction management logistics at HIH Invest. “Moreover, we are well prepared even for the time beyond the end of this lease. The flexible floor space configuration that is ensured by two distinct warehouse sections and a sufficient number of loading access doors creates a high alternative use potential, including for multitenant occupancy.”