International law firm Simmons & Simmons has advised investment manager Vengrove on its €23.1m acquisition of a logistics asset in Leverkusen, in Germany’s Rhine-Ruhr region, for its VRE Evergreen Logistics Partners (VREELP) fund.
The acquired warehouse comprises 16,571 sq m (178,400 sq ft) of logistics space in Leverkusen with capacity for future expansion and benefits from excellent connectivity between Leverkusen, Cologne and Düsseldorf.
The transaction strengthens Vengrove’s German logistics portfolio in one of Europe’s tightest urban logistics markets/ It follows VREELP’s purchase of a €30m last-mile logistics asset in Munich late last year, marking a further step in the fund’s strategy to build scale and diversification across key German urban logistics markets.
Simmons & Simmons advised Vengrove on all legal aspects of the acquisition, supporting the structuring and execution of the transaction for the VRE Evergreen Logistics Partners fund, and coordinating with technical and environmental advisers to ensure the asset’s expansion potential is appropriately reflected in the investment profile.
In line with the firm’s broader European real estate and funds capabilities, the team addressed cross border investment, leasing and asset management considerations central to Vengrove’s value add strategy in Germany’s logistics sector.
The Simmons & Simmons team was led by Marco Winterer (Partner, Real Estate, Munich), with key support from Pia Wattendorff (Supervising Associate, Real Estate, Munich) and Elmar Weinand (Counsel, Tax, Frankfurt).
Marco commented: “Transactions in structurally undersupplied logistics markets demand careful alignment of legal structuring with the client’s operational and expansion strategies. The combination of short lease duration, low site coverage and embedded development potential in Leverkusen meant focusing on future-proofing the investment – from lease dynamics to site planning – so that Vengrove can pursue multiple routes to enhance income and value over time.”
