Tristan & Barings Acquire 34 Logistics Assets from Nagel-Group in Sale-and-Leaseback Transaction
Source: Tristan Capital Partners Press Release
Curzon Capital Partners 5 LL (“CCP 5 LL”), the core-plus fund advised by Tristan Capital Partners LLP (“Tristan”), and Barings, on behalf of an institutional investor, have signed the Sale and Purchase Agreement for a portfolio of temperature-controlled food logistics properties in Germany and Denmark from Nagel-Group (“Nagel”) in a sale-and-leaseback transaction.
The portfolio comprises 260,000 sqm of temperature-controlled food logistics assets. CCP 5 LL and Barings have provided Nagel-Group with a tailor-made real estate solution, whereby Nagel-Group will lease the assets back predominantly on long-term leases.
CCP 5 LL will acquire 27 assets, comprising 180,000 sqm of space, of which c. 83% of the total lettable area is located in Germany and Barings will acquire seven assets in Germany totalling 80,000 sqm. 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: “Nagel-Group is the undisputed market leader for temperature-controlled food logistics in Germany and also a leading player in Europe. The 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. We 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.”
Christoph Wittkop, Real Estate Country Head, Germany, Barings, said: “The seven assets we are acquiring from this portfolio fit our core investment strategy, providing long-term income secured by a strong covenant. Having sourced the portfolio, we are now looking forward to managing the portfolio on behalf of Barings and Tristan so that we can optimise values.”
With operations in 16 European countries and more than 130 sites, Nagel-Group makes more than 100,000 shipments a day in five different temperature ranges with customers including hotels, catering and food service businesses, food manufacturers and supermarkets.