Realogis advises Provinzial Rheinland on sale of Bluewing portfolio / Exeter acquires last-mile properties
As part of a structured bidding process, Realogis exclusively advised Provinzial Rheinland on the sale of a portfolio of Hermes delivery centres at nine locations in Germany. The buyer of the Bluewing portfolio is the Exeter Property Group, an international institutional investor and project developer.
The portfolio comprises around 30,000 sqm of high-quality building space consisting of 90% hall space and 10% office space, as well as a plot of land of around 108,000 sqm, all situated in attractive city logistics locations. With the exception of one asset from 1997, the single-tenant properties at the locations in Dortmund, Bielefeld, Bremen, Wismar, Magdeburg, Kassel, Erfurt, Heidenheim a. d. Brenz and Villingen-Schwenningen were constructed between 2007 and 2010. All of the last-mile properties have 24/7 approval and are fully let to the highly creditworthy tenant Hermes.
The parties have agreed not to disclose the purchase price.
“Mechanised delivery centres are an important component in the logistics chain and have been growing in importance for years due to the e-commerce boom in Germany. Thanks to its many years of letting expertise at all logistics locations in Germany, Realogis was able to present a track record including comparative rents for all Bluewing locations, thus demonstrating the sustainability of our investment with reliable income,” says Niko Gedaze (Principal, Investment Officer & Asset Manager) from the Exeter Property Group.
“In order to cover the nationwide German portfolio, we worked together on a cross-company basis with our experts at the Berlin, Düsseldorf and Munich branches,” says Clemens Kerscher from the Realogis investment team. “Exeter won out as the most attractive prospective buyer in the bidding process, as it has dealt with the product in depth,” comments Bülent Alemdag from the Realogis investment Team.