Elite Partners Capital, a Singapore-based alternative investment management firm, has acquired a large-scale multi-user logistics park close to Stuttgart, the automotive capital of Germany (Photo: Elite Capital Partners)
SINGAPORE (EDGEPROP) - Elite Partners Capital, a Singapore-based alternative investment management firm, has acquired a global logistics centre located within Ettlingen West’s Industrial Zone, Germany. The large-scale multi-user logistics park is close to Stuttgart, the automotive capital of Germany.
In a June 27 press release, the firm says that the site was acquired by the firm’s flagship Elite Logistics Fund II. The Pan-European logistics fund is backed by a sovereign wealth fund, alongside a network of family offices across Asia.
The asset was sold by a joint venture between global alternative investment management firm TPG Angelo Gordon and Germany-based investment and asset management company aam2core Holding. The transaction was brokered by CBRE’s capital markets team in Germany.
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The site spans about 1.94 million sq ft. More than 85% of the property’s net lettable area is currently tenanted to an automotive giant on a long lease, serving as their global logistics centre.
The industrial zone is served by many transportation options, including direct connections to various motorways, access to the Port of Karlsruhe — a major inland port along the Rhine waterway, as well as proximity to major international airports in Frankfurt and Stuttgart.
Elite Partners Capital plans to enhance the centre’s environmental, social and governance (ESG) specifications, and expects to attain the DGNB Gold Certification — the certification awarded by Germany’s sustainable building council.
Victor Song, co-founder and CEO of Elite Partners Capital, says that the stabilising interest rates presents a strategic window of opportunity for investors to re-enter the market.