Ashurst advised LIP Invest on the acquisition of a cross-dock terminal from Panattoni. LIP Invest is purchasing the property by way of an off-market deal on behalf of one of its funds. The parties have agreed not to disclose transaction volume.
The new building at Robert-Bosch-Strasse in Herbrechtingen / Baden-Württemberg (Germany) has a total rental area of around 10,000 sqm and is let to DB Schenker on a long-term basis. The outdoor area comprises around 15,200 sqm and offers 70 parking spaces for cars, 40 for trailers and 71 for trucks, inter alia. A DGNB Gold certification is being sought for the modern logistics building, which is due to be completed in May 2022. Herbrechtingen is very well connected by road. The connection via the Ulm freight centre also enables direct rail links to northern German seaports, Cologne and Italy.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associate Raphaela Schmidt as well as transaction lawyers Isabella Strauß and Daniel Weimann (all Real Estate). Senior associate Ilka Breuer provided advice on regulatory aspects, counsel Holger Mlynek advised on transport law.
At LIP Invest, the transaction was led in-house by Daniel Pahl, General Counsel & Head of Operations.