Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Commerz Grundbesitz Group, signed the deed for the 'Aircargo Logistics Center Langenhagen' near Hanover, Germany, which is earmarked for the company's EURO PROPERTY 1 institutional property fund.
The purchase price for the asset was approximately €25 million. This results in an initial gross yield against purchase price of 7.5%. The Center was sold by ALC Asset Management GmbH & Co. KG, an IMW-Immobilien AG property company.
Completed in 1997 and expanded in 2001, this logistics property comes with about 15,300 m² in logistics space and about 6,900 m² in office space, almost entirely let to prestigious companies such as Lufthansa, DHL, Kühne & Nagel, and ABX. The logistics property represents a flexible express goods warehouse that benefits from the 24-hour operation of the adjacent airport.
The property is located in direct proximity of Hanover-Langenhagen Airport and in immediate vicinity to the location of other renowned companies, such as aircraft engine manufacturer MTU, while important production sites of carmaker VW and tire manufacturer Continental are also nearby. A number of motorway junctions near the property makes this site a central hub in northern German freight traffic.