KAJIMA COMPLETES SUCCESSFUL SALE OF LOGISTICS PARK IN HAMBURG

Kajima’s logistics development, ‘The Park’ in Germany, has been sold to a Joint-Venture, marking a significant milestone in Kajima’s investment in Germany’s rapidly expanding logistics sector. The sale forms part of Kajima's strategy to invest, develop and manage a diverse range of assets across Europe.

The scheme, which was in high demand from international investors, comprises the newly developed and fully let logistics park of five warehouses with a rental area totalling 69,000 sqm and a parking lot in Kaltenkirchen, north of Hamberg. The fully occupied logistics hub’s current tenants include Amazon and furniture designer Riess-Ambiente.

Located next to the A7 Autobahn, Europe’s longest motorway connecting Germany’s northern border with Denmark to the southern border with Austria, ‘The Park’ is ideally situated for e-commerce and traditional logistics occupiers. Furthermore, The Port of Hamburg, Europe’s second-largest port and a key gateway for trade with China, Asia, the Middle East, and the Americas, is 54 km away from Kaltenkirchen.

The Park achieved DGNB Gold certification from the German Sustainable Building Council, demonstrating the high sustainability credentials of the scheme.

Daniel Bumpstead, Head of European Investments at Kajima, said: “The Park is an example of a high-end, contemporary warehouse developed in one of the strongest emerging sub-markets of Hamburg. The sale of this scheme demonstrates liquidity in the German market and shows demand for logistics is still strong despite the dynamically changing economic environment.”

The sale was advised by JP Morgan Global Alternative and Cromwell Property Group. Hengeller Müller, Hogan Lovells and Colliers advised the buyer. Berlin Hyp provided third-party financing for the acquisition.