Barings Real Estate, part of the US MassMutual insurance group, has paid €90m for an asset near Dortmund owned by a joint venture between M7 Real Estate and a US investor - and is seeking more in the asset class across Europe.
The 184,000 sqm property, acquired in one of the largest single asset deals in European logistics in the last 12 months, is located in Unna near the border of the Ruhr region in northwestern Germany. Fully let to department store chain Karstadt until 2026 and operating as its national distribution site, the site is one of the leading logistics clusters in Germany, Barings said.
Barings MD and Germany Country Head Christoph Wittkop said the acquisition is the firm's first logistics asset in Germany following recent purchases in Spain and France. "We are planning to significantly increase our logistics exposure across Europe, including CEE, through the acquisition of existing assets as well as through forward funding or purchasing developments," he said. "We are targeting core to value-add opportunities and will consider both single properties as well as country-focused or pan-European portfolios."
M7 Germany MD Alyssa Huse added: "We acquired the Unna logistics scheme over two years ago and quickly succeeded in generating an attractive investment product, which attracted a great number of potential buyers. This enabled us to realise a significant value increase for the joint venture’s shareholders while leaving further potential value creation for the purchaser."