Ashurst advises HIH Invest on acquisition of logistics asset near Hamburg
14 June 2023
14 June 2023
Ashurst advised HIH Invest Real Estate (HIH Invest) on the acquisition of a new logistics building near Hamburg from real estate developer Panattoni. HIH Invest acquired the property for an open-ended special fund owned by an institutional investor. The parties have agreed not to disclose the purchase price.
The modern logistics asset located at Hansestrasse in Sittensen (Lower Saxony, Germany) provides a total lettable area of about 24,000 square metres comprising 21,403 square metres of logistics space, 1,419 square metres of mezzanine space and 1,110 square metres of office space, as well as 85 parking spots. DGNB Gold certification is being sought for the property, which was completed in March 2023. The building is fully let on a long-term basis with logistics service provider Yusen Logistics GmbH being the sole tenant. It is conveniently located directly next to the A1 motorway and within easy reach of the A261 and A7 motorways in the heart of the heavily frequented German logistics regions of Hamburg and Bremen and is also connected to the ports of Bremerhaven and Wilhelmshaven as well as the airports of Hamburg and Bremen.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Christopher Jeschor (both Real Estate). Advice on tax law aspects was provided by partner Dr Anders Kraft, counsel Dr Susanne Knoch as well as associates Steffen Bellmann and Andreas Hofmann. Senior associate Ilka Breuer advised on investment law.
HIH Invest is one of the leading investment managers for real estate in Germany and Europe. Currently, assets with a volume of €19.7bn are being managed across 92 funds. Ashurst regularly advises HIH group, most recently for example on the acquisition of the MILESTONE 5c office development in Freiburg.