Ashurst advises Panattoni on the sale of Panattoni

Ashurst advised international project developer Panattoni on the sale of a logistics park in Kaltenkirchen near Hamburg / Germany to a joint venture between J.P. Morgan Asset Management and Cromwell Property Group. The parties have agreed not to disclose the purchase price.

The fully-leased park is located on a 157,900 sqm site and consists of five halls comprising approx. 70,000 sqm of logistics space plus externally leased parking spaces. The property that has been completed in 2022 was certified in gold by the German Sustainable Building Council (DGNB) and is leased to a range of e-commerce tenants with long-term commitments. The Panattoni Park is located in one of the strongest economic regions in Germany.

The Ashurst team was led by partnerDr Liane Muschter. She was assisted by senior associateChristopher Jeschor, associate Carolin Siebeck and transaction lawyer Ibrahim Ünal (allReal Estate). Advice ontaxlaw aspects was provided by partnerDr Anders Kraftas well as associatesSteffen BellmannandAndreas Hofmann. PartnerJan Krekelerled on allcorporatelaw aspects with the support of transaction counsel Sandra Schmidt. PartnerFilip Kurkowskiand senior associateDr Jan Ulrich Heinemannadvised on financing aspects. From the energy & resources team, associateConstanze Götzwas involved. At the Luxembourg office, advice was provided by partnerIsabelle Lentzand senior associateLaurence Latuillerie.