GLP Capital Partners and SEGRO European Logistics Partnership announce German portfolio transaction

13 December 2024 – GLP Capital Partners (“GCP”), a leading global alternative asset manager and SEGRO one of Europe’s leading industrial and logistics property companies today announce the acquisition of three logistics properties in Germany by GCP from SEGRO European Logistics Partnership (“SELP”).

The portfolio is comprised of properties in Neuenstadt, Grevenbroich-Kapellen and Malsfeld with a combined rental space of 129,000 square metres, all of which are fully let. The transaction value has not been disclosed.

The logistics property in Neuenstadt am Kocher on Wilhelm-Maybach-Strasse 2-10 was built in 2009 and comprises a total of seven units. Together they offer 73,400 square metres of space. The site is located in an established business park between Heilbronn and Stuttgart, not far from the A81.

The property in Malsfeld (Bornwiese 1) was built in 2006 and expanded in 2020. It offers 35,000 square metres of rental space. It is located between Kassel and Frankfurt am Main, directly on the A7.

The 20,400 square metres in Grevenbroich-Kapellen (Konrad-Zuse-Strasse 1-3) are made up of three units, which were built in 2005 and 2007. With its location on the A46 and just west of Düsseldorf, the site offers good connections between the BeNeLux countries and the Ruhr region.

This transaction is in line with GCP’s stated strategy of acquiring high-quality logistics assets in key European markets, which enhance its portfolio and help meet the evolving needs of its customers and investors.

Jim Hartley, Managing Director Germany & Netherlands at SEGRO, said:

“This transaction is another great example of our capital recycling programme. The close working relationship between SEGRO’s Asset Management and Investment team in Germany is very evident and is producing some excellent results for our shareholders. SELP will reinvest these proceeds into higher value add activities such as our attractive development pipeline. Congratulations to all parties and their advisors on this transaction.”

Patrick Frank, Country Director Germany, GLP said:

“We are an active investor in the logistics sector and are continuously searching for sites in favourable locations, including existing facilities that can be upgraded. The acquired portfolio is a very good addition to our existing operating portfolio in these logistics markets. The facilities are excellently suited for repositioning by carrying out upgrades that increase sustainability. We will develop this potential with our proven value-added approach.”

Daan van den Hoven, Managing Director, Europe GLP Capital Partners, said:

“This transaction is in line with GCP’s stated strategy of acquiring high-quality logistics assets in key European markets, which enhance our portfolio and help meet the evolving needs of our customers and investors. We remain firmly committed to creating value for our investors by optimising returns through the recycling and deployment of capital.”

The transaction was brokered by real estate consultants Knight Frank and Jones Lang LaSalle (JLL). SELP was also advised by CMS Hasche Sigle, BRAND BERGER and ECOVIS. GLP was advised by Greenberg Traurig, TA Europe and Tauw.

About GLP Capital Partners

GLP Capital Partners (“GCP”) is a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. GCP has a strong history of leadership in high-growth Asian markets and a track record of success at scale in the US, Europe and Brazil. GCP is the exclusive investment and asset manager of GLP Pte Ltd.

To learn more about GCP, please visit www.gcp.com.

About SELP 

The SEGRO European Logistics Partnership (SELP) was created in October 2013 as a 50:50 joint venture between SEGRO and Public Sector Pension Investment Board, the Canadian pension fund. At its inception, the portfolio injected by SEGRO comprised approximately €1 billion of grade A standing logistics investments and development land. The objective of the venture was to create a leading Continental European logistics platform, initially focused on six geographies, namely France, Germany, Poland, Czech Republic, Belgium and Netherlands.

Since then, SELP has also invested in big box warehouses in Italy and Spain and a combination of acquisitions, development and capital value growth means that, at 31 December 2023, the portfolio was valued at €6.7 billion and generated €342 million of annualised headline rent across 5.8 million square metres of lettable area.

About SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 10.8 million square metres of space (116 million square feet) valued at £20.6 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.

For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing (including data centres) located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.

A commitment to be a force for societal and environmental good is integral to SEGRO’s purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing Low-Carbon Growth, Investing in Local Communities and Environments and Nurturing Talent.

Striving for the highest standards of innovation, sustainable business practices and enabling economic and societal prosperity underpins SEGRO’s ambition to be the best property company.

See www.SEGRO.com for further information.