Aareal Bank is to lead a consortium of banks in financing a new logistics centre for the Tengelmann Group in Berlin. Once completed, the new warehouse in Berlin-Mariendorf will supply around 160 KaiserÃ¢â¬â¢s supermarkets in the whole Berlin-Brandenburg region.
The investor and project developer, WEAG GrundstÃÂ¼cks- und Beteiligungs AG, is to take over the existing warehouses used by KaiserÃ¢â¬â¢s Tengelmann AG in Berlin and then build a single new logistics centre, which is due to be handed over in October 2004.
The transaction is worth a total of approx. Ã¢âÂ¬57 million.
Wilfried Euler, WEAG Board Chairman: Ã¢â¬ÅWe have found in Aareal Bank a partner that
has an excellent understanding of the peculiarities of logistics centres and their
financing and so can provide us with a tailor-made solution.Ã¢â¬Â
KaiserÃ¢â¬â¢s Tengelmann, which at present uses three separate warehouses, is to rent
the new central warehouse, located on RingstraÃÅ¸e, from WEAG. The new building will have some 34,000 mÃÂ² logistics space and 4,500 mÃÂ² office space and will be able to handle some 80 HGVs per day. Its downtown location, with easy access from two of the cityÃ¢â¬â¢s main arteries, will greatly facilitate the swift and flexible supply of regional supermarkets. The building has been designed to meet the very latest logistical requirements.
Aareal BankÃ¢â¬â¢s special division for Ã¢â¬ÅInternational Logistics FinancingÃ¢â¬Å was set up
towards the end of the 1990Ã¢â¬â¢s. In 2003, the bank financed eleven logistics centres for
the international trading group, Carrefour (see press release of 19 February 2003) as
well as a string of other logistics projects. Aareal Bank also has special financing
divisions for hotels, shopping centres and office buildings.
Source: Aareal Bank AG