| Union
Investment has acquired a logistics property comprising some 105,000 sq
m of rental space from Garbe Industrial Real Estate.
Located
in Eschweiler near Aachen, the property was completed at the end of
2018 and is let on a long-term lease to logistics provider Hammer. The
parties to the transaction agreed not to
disclose the purchase price. The acquisition will be added to the
holdings of institutional open-ended real estate fund UniInstitutional
European Real Estate.
“The
coal mining district between Cologne and Aachen is a highly attractive
logistics region for long-term real estate investors because of its good
infrastructure. In addition,
the location close to the borders with Belgium and the Netherlands is
ideal for international logistics operations. As such, it gives us a
high degree of investment security,” said Stephan Riechers, head of
Investment Management Logistics at Union Investment
Real Estate GmbH.
Christopher
Garbe, managing director of Garbe Industrial Real Estate, commented:
“We are currently seeing rising demand from institutional investors for
logistics properties
with long leases. Low yields in the traditional office and retail
segments mean many investors are increasingly looking for alternative
asset classes that offer higher returns.”
Garbe
Industrial Real Estate constructed the logistics centre in Eschweiler
in 2018 and let it on a long-term lease to the biggest logistics
provider in the region. The property
offers some 94,000 sq m of warehouse space, with another 8,500 sq m
devoted to mezzanine areas and around 3,500 sq m to offices. A total of
80 loading bays enable the occupier to provide efficient logistics
services. German Sustainable Building Council (DGNB)
certification in Gold is proof of the building’s eco-credentials. The
property is located in close proximity to the A4 motorway and is also
well connected to the surrounding motorway network.
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