Hannover Leasing acquires logistics property in Hungary (HU)

€60 million property to be placed as real estate fund "Wachstumswerte Neues Europa 3".

Hannover Leasing has acquired a multifunctional logistics property in the Anton P. Rynart Park on the outskirts of Budapest. Built in 2003/2004, it is considered one of the highest quality warehousing and distribution properties in Hungary. The project titled "Phase IV" offers almost 70,000 m² in commercial space with a pallet capacity of over 100,000. Due to the direct connection to the M1 highway Vienna – Budapest and the Buda-pest highway belt M0 currently under construction, the property is at an optimal location. Budapest's city boundary is less than 15 minutes away.

"Phase IV", Anton P. Rynart Park, Budapest.

The property is now let for 14 years to the Hungarian subsidiary of the Dutch Rynart Group. The Rynart Group, an established logistics service supplier for over 75 years, is market leader in Hungary. Amongst the more than 75 well-known customers are companies like: Danone, Heineken, Tesco, Nokia, Unilever, Masterfoods, Daewoo and Nestlé.

The investment of the new Hannover Leasing fund "Wachstumswerte Neues Europa 3" is for appr. €60 million. It will be offered to interested investors in the last quarter of 2006, as an attractive successor to the recently placed Bratislava-Fund. Legal and tax advise to Hannover

Leasing for this transaction was provided by the international law firm of Nörr Stiefen-hofer Lutz. The sellers were represented by the Budapest law firm of Dezsö & Partners.

The Hannover Leasing Group is one of the large initiators of closed-end funds and one of the leading leasing companies in Germany with the company seat in Pullach near Munich. Shareholders are the Landesbank Hessen-Thüringen (75%) as well as its management (25%). The company finances domestic and foreign real estate, aircraft, industrial plant and interna-tional film productions and manages leasing contracts for over 11 billion Euros. More than 34,000 investors have placed 7.5 billion Euros of equity in the company group's closed-end funds.

Source: Hannover Leasing

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