Elite Partners Capital acquires 180,000-sq.m. logistics park in Germany

An automotive firm is occupying most of the property.

Elite Partners Capital has acquired a 180,000-square-metre logistics park which is close to Germany’s automotive capital Stuttgart.

In a statement, the Singapore-based alternative investment manager said the asset is located within Ettlingen West’s Industrial Zone and has direct connections to the A5, A8 and A65 motorways, access to the Port of Karlsruhe, as well as proximity to major international airports in Frankfurt and Stuttgart. 

Elite said over 85% of the park’s net lettable area is currently under a long lease deal with an automotive giant. The company is using the space as a global logistics centre. 

“The logistics park’s remaining lettable areas are tenanted to a good mix of innovative engineering businesses, supporting the region’s next-gen industrial growth,” it noted. 

Elite said it will work with the unnamed automotive firm to enhance the property’s ESG specifications over the upcoming years. The logistics park is expected to attain DGNB Gold Certification after this, it added.

The logistics park was sold by a joint venture between TPG Angelo Gordon and aam2core Holdings AG. Elite acquired it through its flagship Elite Logistics Fund II, a Pan-European logistics fund backed by a sovereign wealth fund alongside a strong network of family offices across Asia. 

Elite had previously divested the first instalment of its logistic fund series (Elite Logistics Fund I) to Blackstone in 2021, achieving an internal rate of return of over 30%.

“We have been closely monitoring the logistics market across Pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities”, said Victor Song, co-founder and CEO of Elite. “The stabilising interest rates present a strategic window of opportunity for our investors to re-enter the market.”