L’Etoile Properties and Koramco acquire Amazon sortation center in an off-market deal from developer Baum Unternehmensgruppe

Hannover, 21 November 2018 – L’Etoile Properties and the Korean Asset Management company Koramcco have acquired an Amazon Sortation Center in Garbsen near Hanover in Germany on behalf of Korean investors. The developer Baum Unternehmensgruppe let the property to an Amazon Group company on a long-term basis and sold it in an off-market transaction.

The newly built warehouse of ca. 34,000 m² interior lease area and ca. 65,000 m² exterior area is located in direct proximity to Autobahn 2 and is one of the first of its kind for Amazon in Europe. The share deal with a volume of ca. 86 Mio. Euro has been financed by pbb Pfandbriefbank. Following the transaction management, L‘Etoile Properties will take over asset and property management. The purchase marks the sixth successful acquisition on behalf of Korean clients by L’Etoile, increasing the total AuM in Germany to EUR 2.3 billion. The purchaser Koramco has moreover received legal and tax advice by Clifford Chance and technical assistance by DU Diederichs. Paragonia GmbH initiated the transaction.