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Singapore’s Elite acquires German logistics park
Stabilizing interest rates offer opportunity for Asia fund investors to re-enter market
The Asset 27 Jun 2024

Singapore-based alternative asset manager Elite Partners Capital has acquired its latest logistics property, the large-scale multi-user logistics park located within Ettlingen West’s Industrial Zone in close proximity to Stuttgart, the automotive capital of Germany.

The logistics park, which boasts outstanding transportation infrastructure and spans across a large site of 180,000 square metres, is in excellent condition and offers great third-party reusability by virtue of its contiguous but highly flexible layout. Leveraging on its strategic location in close proximity to Stuttgart, over 85% of the property’s net lettable area is currently tenanted to an automotive giant on a long lease, serving as their global logistics centre.

Elite acquired the logistics park through its flagship Elite Logistics Fund II, a pan-European logistics fund backed by a sovereign wealth fund, alongside a strong network of family offices across Asia.

The asset manager had previously divested the first instalment of its Logistic Fund Series (Elite Logistics Fund I) to Blackstone in 2021, achieving an attractive internal rate of return of over 30%.

The asset was sold by a joint venture between TPG Angelo Gordon and aam2core Holdings in a  transaction brokered by CBRE’s capital markets team in Germany.

Elite, it says, will be working closely with the tenant to further enhance the property’s environmental, social and governance specifications over the upcoming years. Post-enhancement, the property is expected to attain DGNB Gold Certification.

“We have been closely monitoring the logistics market across pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities”, adds Victor Song, Elite’s co-founder and CEO. “The stabilizing interest rates present a strategic window of opportunity for our investors to re-enter the market.”

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