Panattoni Sells Fully-Leased Logistics Park in the north of Hamburg to J.P. Morgan Asset Management-Cromwell Property Group Joint Venture

Panattoni, Europe’s largest developer in the industrial and logistics real estate sector, has sold its fully-leased Panattoni Park Hamburg to a joint venture between J.P. Morgan Asset Management and Sydney-listed Cromwell Property Group. Strategically located to the north of Hamburg in one of the strongest economic regions in the country, the park consists of five halls plus externally leased parking spaces totalling 80,163 sqm with ‘Gold certification’ from the German Sustainable Building Council (DGNB) in recognition of its sustainable, energy-efficient design.

The logistics park that has been completed in 4Q 2022 is located on a 157,900 sqm site and comprises ca. 70,000 sqm of prime logistics space, with a maximum floor-bearing capacity of five tonnes/sqm and a clear internal hall height of 10 metres. The asset is leased to a range of e-commerce tenants with long-term commitments.   

JLL acted on behalf of Panattoni to deploy JP Morgan and Cromwell Property Group as buyer. 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 investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$ 216 billion in assets under management and more than 700 professionals (as of September 30, 2022), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives.

ABOUT CROMWELL PROPERTY GROUP

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