BNP Paribas REIM announces the acquisition of “Baden-Airpark”, a State of the Art logistics complex located on the airport area of Baden-Baden, near the Franco-German border. The asset features ca. 45,000 sqm of two newly constructed grade A warehouses and is fully let to three leading logistics companies. The building has been developed by Greenfield Development Ltd., a project developer and investor of quality industrial and logistics parks.
BNP Paribas REIM acquired the asset on behalf of its ELF fund (Eurozone Logistics Fund), managed by BNP Paribas REIM Luxembourg. Baden-Airpark is the second acquisition for ELF after the first closing of a brand-new Logistics warehouse in the Netherlands. Furthermore, BNP Paribas REIM has already secured its third asset of its ELF Fund, a logistics complex located near Leipzig airport which will be delivered in the first quarter of 2019.
"The acquisition of Baden-Airpark perfectly reflects the strategy of the European Logistics Fund to acquire modern class A logistic warehouses in Core locations of the Eurozone, including last mile logistics assets” comments Lucas Despretz, fund Advisor of the ELF fund.
ELF fund is a SICAV-SIF based in Luxembourg, dedicated to international institutional investors and targeting an annual distribution of 6%. Since its launch, over 80 million euros of equity have been raised representing an investment capacity of 130 million euros. The 150,000 sqm lettable area of the ELF portfolio are 100% rented to quality tenants with an average duration of 7 years.