Avison Young advises on acquisition of two Amazon logistic properties in Dortmund, Germany
Avison Young advises on acquisition of two Amazon logistic properties in Dortmund, Germany19 Dec 2019
Forming a key part of Amazon’s primary distribution hubs in Germany.
Avison Young has advised Pacific Asset Management Co. Ltd. and a consortium of Korean capital with Savills Investment Management on the off market acquisition of two Amazon logistic properties in Dortmund, Germany, for an investment volume of EUR 140 million, from Gulf Islamic Investments LLC (Dubai) and Rasmala Investment Bank. The assets have a total lettable area of 88,884 sq.m. and form a logistics hub let on long-term lease contracts to Amazon.
The two buildings represent the latest generation of mega-distribution centres. Located only three kilometres north east of Dortmund CBD in the Rhein-Ruhr region, they have close access to Germany’s extensive road network, including six motorways, national and international railways, Europe’s largest inland port and the airfreight centre at Dortmund Airport. They form a key part of Amazon’s primary distribution hubs in Germany and are among the company’s largest facilities in the region. At the time of their opening in 2017/18, the buildings, which were the first highly automated inbound crossdock centres in Europe, were considered Amazon's most modern logistic centres worldwide.
Penny Hacking, Principal, European Capital Markets at Avison Young, adds: “The ability to source and secure such a rare investment opportunity in one of the most competitive asset classes and country markets is exceptional work from our cross border capital markets teams, in particular our Korean team. Avison Young may be young to the European market but transactions like these show our maturity in delivering for our clients.”
CG Kang, Principal, Global Alternative Investment, Korea at Avison Young comments on the transaction: "Avison Young is delighted to act on behalf of Pacific Asset Management in sourcing this opportunity off market and advising on the acquisition. We enjoyed demonstrating our global ability in sourcing unique opportunities to meet our clients’ requirements and providing market leading advice from our European capital markets teams.”