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First logistics investment in Europe: Zurich Insurance Group acquires Airpark Berlin

CBRE Global Investors, on behalf of Zurich Insurance Group Germany, has acquired the newly-built 158,510 m² Airpark Berlin logistics park from Patrizia. “The acquisition of Airpark, our first logistic investment in Europe, offers additional diversification benefits to Zurich Deutscher Herold’s European real estate platform, valued at more than € 3 billion. We are excited about entering the German logistic market, gaining access to a high-quality multiuser logistic park in a strategic location”, said Riccardo Cobianchi, Head of Real Estate, Zurich Insurance Group Germany.

Airpark Berlin is located 1 km from the new Berlin Brandenburg Airport to the south east of Berlin. © Andreas Nenninger Photography
Airpark Berlin comprises 71,657 m² of state-of-the-art warehouse space, 5,535 m² of mezzanine space and 5,983 m² of office space. The facility has been delivered in three phases, with work starting in 2016 and the final phase commencing construction in February 2020. This final phase will see four new buildings being brought forward on a speculative basis, each offering 5,000 m² of space. The entire park has been sustainably designed with excellent energy efficiency features and is 93.9% let to a diverse range of well-covenanted tenants from the industrial, food and logistics services sector.

Airpark Berlin is located one kilometer from Schönefeld Airport and the new Berlin Brandenburg Airport, anticipated to be Germany’s third largest airport with the capacity to handle up to 600,000 tons of cargo. It is situated just off the motorway A113, providing access to both the centre of Berlin as well as national and internal traffic routes.

"This was a unique opportunity to acquire an entire high-end logistics park in one of Germany’s top logistics markets. Airpark offers both an attractive and defensive income stream for our client, as well as further reversionary potential through capital growth, with this submarket set to grow further through the opening of the new Berlin Schönefeld airport,” said Alberto Radice Fossati, Portfolio Manager, CBRE Global Investors.

“The overall outlook for German logistics remains stable and we expect appetite for modern logistics properties such as Airpark to continue due to the limited potential for new supply alongside ongoing global restrictions driving further consumer demand“ added Sebastian Ehrhardt, Head of Transactions Germany, CBRE Global Investors.

This transaction follows significant investment in European logistics by CBRE Global Investors, totally circa €715 million of acquisitions across 29 deals in nine countries so far this year. The investor's portfolio comprises AUM of €10.4bn and a rental area of 7 million m² across 11 countries.

“Together with our development partner we have created a significant Grade A logistics hub that has validated our conviction for a speculative development in an area that now benefits from the opening of Berlin’s new airport. Our expert asset management team successfully leased this space as it came on-line and we are pleased to crystallise returns on behalf of our investors that significantly outperform our business plan for this asset,” commented Stuart Reid, Managing Director of Real Estate Development at Patrizia.

Patrizia’s European logistics portfolio stands at over €5 billion and represents around 11% of total AUM. CBRE Global Investors was advised on the transaction by CBRE, Drees & Sommer and Linklaters. The seller was advised by BNP Paribas Real Estate and Ernst & Young.
Photos: Andreas Nenninger Photography
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