IMMOFINANZ Immobilien Anlagen AG is beginning the year 2006 with a fanfare: the company is investing in the logistics specialist Deutsche Lagerhaus GmbH und Co. KG via its regional holding IMMOWEST. In the scope of a capital increase, 50 percent of the stakes will be acquired from the current owners, Rheinische Grundbesitz AG as well as private investors. In the next few years the shareholding will be boosted to 74 percent.
Logistics center Minden: The trimodal hub near the Rhine is one of the major assets of the Deutsche Lagerhaus portfolio with 14 properties.
Deutsche Lagerhaus GmbH und Co. KG has an attractive real estate portfolio including 14 logistics properties with total lettable space of 320,000 m². The overall lettable space of the properties comprises more than 660,000 m². The fair market value of the real estate is €95.1 million, and with an occupancy rate of a sound 93.5 percent nearly all of the properties are currently let. Asset management will continue to be handled by Rheinische Grundbesitz AG, which is specialised in this real estate segment.
The portfolio includes largely trimodal logistics locations (connection to water, rail and road) and has been let over a longer term to 58 tenants with good credit ratings. The properties are located in well-situated transport hubs in
North Rhine-Westphalia as well as in big German cities such as Nuremberg, Hanover and Freiburg. From 2006 to 2008 Deutsche Lagerhaus GmbH und Co. KG will expand its real estate assets considerably. The portfolio is to be increased to at least €300 million. In addition to investment in German locations, the company will also acquire or develop objects in Switzerland and Central Europe.
The transaction is IMMOFINANZ's biggest investment in the logistics segment thus far and its third major purchase on the German market following the acquisition of a portfolio of office properties let for the long term in Frankfurt and of the residential company TEFAG in Berlin.
In 2006 Germany will be one of the most important investment priorities for IMMOFINANZ. At this time IMMOFINANZ currently owns 400,000 m² of lettable space in Germany.
At the end of 2005 IMMOFINANZ owned a real estate portfolio including 1,835 properties with 6.1m m² of total lettable space and a fair market value of €6.1 billion. Market capitalisation totalled €2.7 billion. With a total yield of 15.9 percent after taxes 2005 was extremely successful for IMMOFINANZ shareholders as well.
Source: IMMOFINANZ
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