Goodwin has advised Clarion Partners Europe ("Clarion"), a real estate fund manager specializing in logistics and industrial real estate, on the acquisition of the recently developed Panattoni Logistics Park in Voerde, Germany, for approximately €75 million, from Panattoni.
Totalling 66,930 sqm of gross lettable area across two Grade-A properties, the investment has been made on behalf of one Clarion Partners Europe's co-mingled funds, and takes its deployment in Continental Europe's dominant logistics market since June last year to around €500 million.
The development saw the regeneration of a 112,000 sqm brownfield site and represented one of the largest projects of its type ever undertaken in the Lower Rhine region. The park's environmental credentials will be further enhanced by the installation and completion of a PV system with a peak capacity of 6.86 megawattpeak by the end of 2024. The forecasted power generation of more than 5.8 million kilowatt hours per year will provide electricity for c. 2,300 two-person households.
Located in the Rhine Ruhr region, one of Europe's most densely populated metropolitan areas, c. 19.3 million people live within a 90-minute drive time. Voerde benefits from its proximity to Europe's largest inland port in Duisburg and several key arterial routes, including the A3, which connects Duisburg with Dusseldorf, Cologne and Frankfurt and can be reached in 10 minutes' drive time.
The Goodwin team was led by Frankfurt partner Peter Junghänel and consisted of Felix Weber (both Real Estate M&A, Frankfurt), Jochen Schnepper, Timo Baumann, and Anna Zoth (Real Estate Finance, Frankfurt), Alexandrine Armstrong-Cerfontaine, Elie-Raphael Soudry and Olha Polishchuk (all Private Equity, Luxembourg), Felix Krüger (Tax, Frankfurt) and Bastien Voisin, Julien Schraub and Yann Ricard (all Tax, Luxembourg).