Sonar Real Estate GmbH (Sonar) provided structural support for the acquisition of two large-scale logistics properties known as "2Up" as transaction manager on the buyer side. The two properties with a total of around 69,000 m² of rental space in Munich-Schwaig and Donauwörth were sold by Wealthcap Immobilienfonds Deutschland 30 GmbH & Co. KG to a special fund advised by Starwood Capital Group and administered by IntReal. Both properties are fully let. Following the transaction, Sonar will take over the asset management of the properties.
The larger of the two properties is located in Donauwörth and covers around 37,000 m² of space. The main tenant is Airbus Helicopters. The property is closely integrated into the plant site with over 7,500 employees, where it functions as a highly specialized on-site logistics center.
The second property with around 32,000 m² of rental space is located in Schwaig in the immediate vicinity of Munich Airport. The main tenant is the ITG Group, a globally active fulfillment and logistics service provider with a special focus on the e-commerce sector. The site also serves as the company's administrative headquarters in Germany.
"Transactions with strategic logistics properties in premium locations continue to be characterized by high investor interest, especially if they address structural growth markets and have long-term leases with users with strong credit ratings," explains Nick Puschkasch, Managing Partner of Sonar. "Our role as an investment manager and the subsequent mandate for asset management underscore the trust that institutional investors place in our expertise along the entire real estate lifecycle."
The "2Up" transaction specifically addresses growth segments of the logistics markets, in particular the air & defense and e-commerce sectors. In addition to development potential in terms of rents, the combination of location quality, regional supply expertise and proximity to major production clusters speaks for the high strategic importance of both locations within the supply chain.
DLA Piper provided legal advice to the seller. Greenberg Traurig has worked for legal and Deloitte on tax issues for the buyer side. In addition, TA Europe had taken over for the buyer's side for the technical due diligence. BNP Paribas Real Estate acted as an intermediary.
