Panattoni sells fully let Panattoni Park Hamburg Nord to J.P. Morgan Asset Management and Cromwell Property Group

Caption: Panattoni sells Panattoni Park Hamburg Nord to joint venture. Reprint free of charge, Copyright: Panattoni.

Panattoni, the leading project developer for industrial and logistics properties in Europe, has sold its fully let Panattoni Park in the north of Hamburg to a joint venture between J.P. Morgan Asset Management and the Sydney-listed Cromwell Property Group. Panattoni Park, strategically located in one of the country's strongest economic regions, consists of five halls plus externally leased car parks with a total area of 80,163 m². The park has been awarded "Gold Certification" by the German Sustainable Building Council (DGNB) for its sustainable, energy-efficient design.

Completed in Q4 2022, the logistics park is located on a 157,900 m² site and comprises around 70,000 m² of first-class logistics space with a maximum floor load-bearing capacity of five tonnes/m² and a hall height of 10 m UKB. The property is let to a number of e-commerce tenants on long-term leases.

JLL acted on behalf of Panattoni to the joint venture between J.P. Morgan and Cromwell Property Group. The buyer was advised by Colliers and Hengeler Mueller.

About J.P. Morgan Asset Management - Global Alternatives:

J.P. Morgan Global Alternatives is the alternative investments division of J.P. Morgan Asset Management. With more than 50 years of experience as an alternative investment manager, $216 billion in assets under management and more than 700 professionals (as of 30 September 2022), we offer strategies across the full spectrum of alternative investments, including real estate, private equity, private credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices across the Americas, Europe and Asia Pacific, our independent alternative investment engines combine expertise and a singular focus with J.P. Morgan's global reach, extensive resources and powerful infrastructure to meet each client's specific objectives.

About Cromwell Property Group:

Cromwell Property Group (ASX:CMW) (Cromwell) is a property investor and fund manager with offices on three continents and a global investor base. The Group is listed on the S&P/ASX 200. As at 30 June 2022, Cromwell had total assets under management of €7.9 billion in Australia, New Zealand and Europe. In Europe, Cromwell manages €3.9 billion of property assets through a variety of funds and mandates, comprising over 155 properties and 1,600 tenants. Cromwell's strength lies in the property expertise of its 223 employees in 15 local offices in 11 European countries.

About Panattoni:

Panattoni is a full-service developer of industrial and logistics property. Panattoni in Europe is a subsidiary of Panattoni Development Company, Newport Beach, USA, an owner-managed and leading global developer of industrial and logistics space with offices in North America, Europe and Asia. Panattoni offers its clients high-quality and sustainably constructed property solutions in the industrial sector. To ensure holistic development, the company focuses on local conditions and attaches great importance to working in partnership with local authorities. The portfolio includes customised build-to-suit and build-to-own solutions, Panattoni Parks and property management. The portfolio is complemented by the realisation of modular business parks under the "City Dock" brand. Here, companies from the manufacturing, retail and trade sectors can find attractive small-scale commercial space in the middle of urban centres or in suburban locations.

Since entering the European market in 2005, Panattoni has developed more than 19 million m² of new space in Europe. In Germany, one of the company's focus markets, the Panattoni team and its more than 110 employees have realised more than 120 projects. Of these, 85% of the developed land area is brownfield revitalisation. Panattoni's German headquarters are in Hamburg, with further offices in Düsseldorf, Mannheim, Munich and Berlin.
 
For more information, visit:
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Contact:
Panattoni | www.panattoni.de
Sarah Friedrich | +49 (40) 525 723 138 | sfriedrich@panattoni.com
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