Ashurst advised international project developer Panattoni on the sale of a logistics park in Kaltenkirchen near Hamburg / Germany to a joint venture between J.P. Morgan Asset Management and Cromwell Property Group. The parties have agreed not to disclose the purchase price.
The fully-leased park is located on a 157,900 sqm site and consists of five halls comprising approx. 70,000 sqm of logistics space plus externally leased parking spaces. The property that has been completed in 2022 was certified in gold by the German Sustainable Building Council (DGNB) and is leased to a range of e-commerce tenants with long-term commitments. The Panattoni Park is located in one of the strongest economic regions in Germany.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Christopher Jeschor, associate Carolin Siebeck and transaction lawyer Ibrahim Ünal (all Real Estate). Advice on tax law aspects was provided by partner Dr Anders Kraft as well as associates Steffen Bellmann and Andreas Hofmann. Partner Jan Krekeler led on all corporate law aspects with the support of transaction counsel Sandra Schmidt. Partner Filip Kurkowski and senior associate Dr Jan Ulrich Heinemann advised on financing aspects. From the energy & resources team, associate Constanze Götz was involved. At the Luxembourg office, advice was provided by partner Isabelle Lentz and senior associate Laurence Latuillerie.
