Tristan Capital Partners and have partnered to buy 34 logistics assets from Nagel-Group in a sale-and-leaseback deal.
Tristan鈥檚 Curzon Capital Partners 5 LL (CCP 5 LL) core-plus fund and Barings will acquire the portfolio of temperature-controlled food logistics properties in Germany and Denmark for an undisclosed sum.
CCP 5 LL will acquire 27 assets, comprising 180,000sqm of space, of which 83% of the total lettable area is located in Germany and Barings, on behalf of an institutional investor, will acquire seven assets in Germany totalling 80,000sqm.
Barings will provide asset management services for the entire portfolio of 34 assets.
Ali Otmar, senior partner and deputy head of investments at Tristan, said: 鈥淭he assets in this portfolio are all situated in well-established logistics locations, in high-density populated areas and/or in close vicinity to food and beverage producers.
鈥淲e are delighted to have found a reliable partner in the Nagel-Group for this investment and the portfolio provides an excellent basis for further growth.鈥�
Christoph Wittkop, real estate country head, Germany, Barings, said: 鈥淭he seven assets we are acquiring from this portfolio fit our core investment strategy, providing long-term income secured by a strong covenant.
鈥淗aving sourced the portfolio, we are now looking forward to managing the portfolio on behalf of Barings and Tristan so that we can optimise values.鈥�
