Ashurst advised HIH Invest Real Estate (HIH Invest) on the acquisition of a logistics property development in Kronau near Karlsruhe / Germany. The asset was acquired on behalf of an individual mandate via an off-market transaction directly from the developer, a project company of the Machmeier Group (INWO). The parties have agreed not to disclose the purchase price.
The complex, which occupies about 43,550 sqm of floor area, is divided into 35,000 sqm of hall space as well as 6,150 sqm of mezzanine and 2,500 sqm² of office/social space and is already fully let. DGNB Gold certification is being sought for the modern logistics building, which is due to be completed at the end of 2022. Located directly next to the A5 motorway south of Heidelberg and Mannheim and north of Karlsruhe, the new-build property is being constructed in one of Germany's most attractive logistics regions.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associate Raphaela Schmidt as well as transaction lawyers Isabella Strauß and Dominic Boeschen (all Real Estate). Advice on tax law was provided by partner Dr Anders Kraft and associate Steffen Bellmann.
HIH Invest is one of the leading investment managers for real estate in Germany and Europe. Currently, assets with a volume of €14.6bn are being managed across 81 funds. Ashurst regularly advises HIH group, most recently for example on the acquisition of an office property in Rheinauhafen area in Cologne.
