Ashurst advised international project developer Panattoni on the sale of a distribution centre in Speyer / Germany to LIP Invest. The investment manager for logistics real estate in Germany acquired the property on behalf of its recently launched ‘LIP Real Estate Investment Fund – Logistics Germany IV’. The parties have agreed not to disclose the purchase price.
The new building at Brunckstraße 22 in Speyer comprises two units with a total rental area of around 19,900 sqm and was completed in November 2021 by Panattoni. The rental space is divided into 17,640 sqm of hall space, 1,370 sqm of storage space and 880 sqm of office and social space. DGNB Gold certification is planned for the property. The complex has been leased on a long-term basis to Hornbach, one of the leading operators of DIY stores and garden centres in Europe. The location serves as a warehouse, dispatch and distribution centre and complements the existing logistics network of the company, whose headquarters is located in Bornheim, just 28 kilometres away. Speyer is conveniently located in the Rhine-Neckar metropolitan region at the intersection of the German federal states of Baden-Württemberg, Hesse and Rhineland-Palatinate and is not only connected to the region’s dense motorway network, but also to the port of Mannheim.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by associates Raphaela Schmidt and Carolin Siebeck as well as transaction lawyer Isabella Strauß (all Real Estate). Partner Dr Anders Kraft provided advice on tax law. Associate Dr Simon Groneberg advised on construction law aspects.
