Munich, 25 May 2020 – TA Europe acted as technical advisor to pan-European investment manager Europa Capital on the purchase of a portfolio of three logistics assets in north-western Germany, acquired from private ownership. The assets cover a total floor area of 42,600 sqm.
TA Europe carried out the full technical due diligence of the three properties, which are located in prominent logistics hubs near the cities of Osnabrück, Bremen and Braunschweig. TA Europe also helped coordinate the environmental due diligence, undertaken by Tauw GmbH. The scope of TA Europe’s services included detailed review of the relevant technical documentation in the data room, site inspections of each property and preparing repair cost and technical risk appraisals as part of the reporting, along with technical support during the SPA negotiations in the context of reviewing proposed tenant improvement and fire safety upgrade works.
The tenant of all three properties is convenience goods wholesaler Lekkerland, recently acquired by REWE, who chiefly source groceries and supplies to petrol filling and motorway service stations. TA Europe has previously provided Europa Capital with Technical Due Diligence advice on various acquisitions, including a portfolio of six logistic and business park properties in Germany and Austria.
Nicolas Roy, Associate Director – Acquisitions at Europa Capital, commented: “This investment presents an opportunity to acquire an attractive logistics portfolio that, against the backdrop of COVID-19, we believe will be resilient both in terms of the asset class, location and the tenant’s operations in the grocery sub-sector”. He adds, “we value having TA Europe as our trusted technical advisor, since they have proven to provide exactly the sector-specific expertise and experience we needed.”
Lawrence Wainwright, Partner at TA Europe, says: “We are very glad to have supported Europa Capital in their acquisition with TDD expertise and relevant logistics and distribution warehouse sector experience. The challenges in recent weeks and months during the Corona-Virus pandemic, across borders, have highlighted the critical importance of how properties like these can primarily serve society and our daily lives, with robust and efficient logistics and distribution networks and well-located storage facilities for food and essential supplies.”