Frasers Property Industrial has acquired a state-of-the-art logistics property and a greenfield development plot in Frankenthal and Egelsbach, Germany respectively. This completes the acquisition of a portfolio of 22 logistics and light industrial properties/assets from Alpha Industrial Holding announced in 2018. The purchase price was not disclosed.
Frasers Property Industrial will develop two stand-alone warehouses on the 51,000m² plot at Egelsbach. With a total gross lettable area of nearly 30,000m² the Egelsbach Property could cater to both logistics users and small and medium-sized enterprises with more specialised (warehousing) requirements when completed in the fourth quarter of 2020.
The development in Frankenthal has been completed and was successfully handed over to the tenant, BASF SE, in October 2019. BASF SE, a leading chemicals company headquartered in nearby Ludwigshafen some 15 km southeast of the Frankenthal Property, has committed to a long-term lease for the property for the distribution and storage of their technical equipment and materials. Located northeast of Mannheim, in the Rhine-Neckar area, one of Germany’s sought-after logistics sub-markets, the Frankenthal Property sits on a 36,000m² land plot consisting of one stand-alone warehouse including office and mezzanine space with a total gross lettable area of 20,579m².
Reini Otter, Chief Executive Officer of Frasers Property Industrial said: “These two acquisitions fortify Frasers Property Industrial’s position in the greater Frankfurt region and further enhance our exposure to core logistics properties in the German market. Our strategy in Europe is to continue acquiring and developing state-of-the-art logistics properties in our three core markets of Germany, the Netherlands and Austria.”
