L’Etoile and Koramco buy Amazon logistics center near Hanover
L’Etoile Properties and the Korean asset management firm Koramco have acquired an Amazon logistics center in Garbsen near Hanover for Korean investors. The seller in the off-market transaction was the Baum Group, which is developing around 34,000 sqm of lettable space and around 65,000 sqm of external space for the online retailer close to the A2 motorway. The share deal has a volume of approx. €86mn and is being financed by pbb Deutsche Pfandbriefbank. Completion is scheduled for the end of this year; L’Etoile will also assume asset and property management. Clifford Chance advised the buyers in legal and tax matters, while DU Diederichs advised in technical matters. Paragonia brokered the deal.
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