IMMOFINANZ Group: Record letting results for Deutsche Lagerhaus (DE)

Deutsche Lagerhaus, a 90% subsidiary of the IMMOFINANZ Group with 31 properties covering 980,000 m² of rentable logistics space at 26 locations in Germany and Switzerland, set a new record for letting results in 2010.

The active management of standing investments has been a focus of activities since 2009, whereby the objectives are to further reduce the vacancy rate and optimize the portfolio. Another focal point has been the acquisition of national and international logistics players as tenants. Since autumn 2009 there has been a steady rise in the demand for logistics space.

Deutsche Lagerhaus has continuously improved the branch mix in its portfolio, which includes transportation and logistics companies, retail firms and industrial corporations. The largest tenants in the portfolio are DHL, Dachser, DSV, DPD, Kühne & Nagel, Stute Verkehrs GmbH, Fiege, Rhenus, Elektrolux, LN Möbelhandel (XXX Lutz), Meyer & Meyer, Valora AG, Anker Leschaco Group, MIRGOS, Hellweg, Addicks & Kreye, Mibau, Sony DADC and Bogner.

In 2010 new leases were concluded for approx. 90,000 m² of space (8.7% of the property portfolio) and contracts for nearly 52,000 m² were extended.

Outlook on 2011
The German economy is now emerging from the most severe economic crisis in its post-war history, with GDP growth amounting to 3.1% for the first half of 2010. Developments on the real estate market are positive, as is illustrated by a 162% year-on-year increase in the transaction volume during this same six-month period.

The IMMOFINANZ Group expects logistics rentals in Germany will reflect the 2010 level during 2011. In Switzerland, the company sees an increase in demand combined with a parallel decline in the supply of suitable space.

Eduard Zehetner, CEO of the IMMOFINANZ Group, on this development: "Logistics properties are becoming increasingly attractive for investors. This is especially true for Germany, the most important logistics location in continental Europe".

Source: ACCEDO Austria GmbH

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