Ivanhoé Cambridge acquires distribution center in Hamburg from South Korean investor

Ivanhoé Cambridge has acquired a large logistics and distribution center from ADF Asset Management Co., Ltd., a South Korea-based asset-management firm. The property had been in an ADF fund since 2015, whose LPs are large Korean institutional investors.

The financial terms were not disclosed.

“With the acquisition of this logistics asset in Hamburg, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe,” said Christian Daumann, head of investments Germany, Ivanhoé Cambridge.

H&M Group, the tenant since occupancy in 2008, leased the 114,500 square-meter (1.2 million-square-foot) property, located on a site of about 150,000 square meters (1.6 million square feet). The H&M Group distribution center in Hamburg Allermöhe, Rungedamm 38, supplies varied European markets of their store networks.