GLP Capital Partners and SEGRO European Logistics Partnership agree on portfolio transaction in the German market
GLP Capital Partners (‘GCP’), a leading global asset manager for alternative investments, and SEGRO, a leading European industrial and logistics property company, today announced that GCP is acquiring three German logistics properties from SEGRO European Logistics Partnership (‘SELP’)
The portfolio comprises properties in Neuenstadt, Grevenbroich-Kapellen and Malsfeld with a combined rental space of 129,000 square metres. All three properties are fully let. The value of the transaction was not disclosed.
The logistics property in Neuenstadt am Kocher at Wilhelm-Maybach-Strasse 2-10 was built in 2009 and comprises a total of seven units. Together they offer 73,400 square metres of space. The site is located in an established business park between Heilbronn and Stuttgart, not far from the A81 motorway.
The property in Malsfeld (Bornwiese 1) was built in 2006 and expanded in 2020. It offers 35,000 square metres of rental space and is located between Kassel and Frankfurt am Main, directly on the A7 motorway.
The 20,400 square metre site in Grevenbroich-Kapellen (Konrad-Zuse-Straße 1-3) consists of three units, which were built in 2005 and 2007. With its location on the A46 motorway just west of Düsseldorf, the site offers a good connection between the Benelux countries and the Ruhr region.
The transaction is in line with GCP's stated strategy of acquiring high-quality logistics properties in core European markets in order to expand its portfolio and meet the growing demands of customers and investors.
Jim Hartley, Managing Director Germany & Netherlands at SEGRO, said:
‘This transaction is another good example of our capital recycling programme. The close co-operation between SEGRO's asset management and investment team in Germany is evident and is producing excellent results for our investors. SELP will reinvest these proceeds in value-enhancing activities such as our attractive development pipeline. I congratulate all parties and their advisors on this transaction’.
Patrick Frank, Country Director Germany, GLP, said:
‘We are an active investor in logistics property, continuously seeking sites in excellent locations including existing properties that can be renewed. The acquired portfolio is a very good addition to our existing portfolio in these three logistics markets. The properties are ideally suited for repositioning by means of upgrades for increased sustainability. We will utilise this potential with our proven value-added concept.’
Daan van den Hoven, Managing Director, Europe GLP Capital Partners, said:
‘The transaction is in line with GCP's stated strategy of acquiring high-quality logistics properties in core European markets to expand our portfolio and meet the growing needs of our clients and investors. We remain firmly committed to creating value for our investors by optimising returns through capital recycling and deployment.’
The property consultants Knight Frank and Jones Lang LaSalle (JLL) acted as intermediaries in the transaction. SELP was also advised by CMS Hasche Sigle, BRAND BERGER and ECOVIS. GLP was advised by Greenberg Traurig, TA Europe and Tauw.
About GLP Capital Partners
GLP Capital Partners (‘GCP’) is a leading global alternative asset manager specialising in thematic investments in real assets and private equity. GCP has a long history as a market leader in high-growth Asian markets and a diversified track record in the US, Europe and Brazil. GCP is the exclusive investment and asset manager of GLP Pte Ltd.
For more information on GCP, please visit www.gcp.com.
About SELP
The SEGRO European Logistics Partnership (SELP) was founded in October 2013 as a 50:50 joint venture between SEGRO and the Canadian pension fund Public Sector Pension Investment Board. When it was founded, the portfolio contributed by SEGRO comprised around EUR 1 billion in first-class logistics investments and development sites. The aim of the company was to create a leading continental European logistics platform, initially focussing on six regions, namely France, Germany, Poland, the Czech Republic, Belgium and the Netherlands.
Since then, SELP has also invested in large warehouses in Italy and Spain, and a combination of acquisitions, development and capital appreciation means that as at 31 December 2023, the portfolio was valued at €6.7 billion and generated €342 million in annual rents across 5.8 million square metres of lettable space.
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 10.8 million square metres of space (116 million square feet) valued at £20.6 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing (including data centres) located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good is integral to SEGRO’s purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing Low-Carbon Growth, Investing in Local Communities and Environments and Nurturing Talent.
Striving for the highest standards of innovation, sustainable business practices and enabling economic and societal prosperity underpins SEGRO’s ambition to be the best property company.