IMMOFINANZ subsidiary sells logistics property and completes numerous rentals (DE/CH)

Deutsche Lagerhaus GmbH u. Co KG (DLG) – a wholly owned subsidiary of IMMOFINANZ Group – is announcing a successful sale and numerous rentals. A logistics property in the Swiss city of Egerkingen was sold in excess of the carrying amount for nearly CHF 60 million (approx. €49 million). The buyer is a real estate fund subsidiary of Credit Suisse AG. In addition, leases for approx. 45,000 m² of space were concluded or extended in Germany. The well-known tenants include, among others, Fressnapf, Europe’s largest specialty retail chain for pet supplies.

“The logistics sector in Germany is a dynamic asset class that is characterized by high returns and an expected increase in demand from the growth in online retailing. Deutsche Lagerhaus has established a strong position in this market. With the cycle-optimized sale of the Swiss property in Egerkingen, we are continuing our exit from non-core countries – also in the logistics segment. This sale will generate funds for the expansion of our logistics project pipeline in Germany and allow us to take advantage of the still high CHF exchange rate“, indicates Eduard Zehetner, CEO of IMMOFINANZ Group.

The sold property is located in the Swiss canton of Solothurn and has approx. 34,400 m² of rentable space on two warehouse levels. The exterior areas total 7,000 m². The parties have agreed not to release any further details on the transaction. After this sale, IMMOFINANZ Group owns three other logistics properties in Switzerland.

New rentals and lease extensions

“The latest rentals underscore the quality of our standing investment portfolio, which has approx. 860,000 m² of usable space. In the future, DLG plans to increase its development activities to even better meet customers’ wishes“, explains Ronny Connerth, Managing Director of DLG. Other potential projects are currently in the evaluation phase.

The largest new leases and lease extensions recently concluded by DLG include a contract with Tiernahrungs GmbH Fressnapf. This company has signed a long-term lease for nearly 12,000 m² of warehouse and office space in the Düsseldorf logistics cluster at Willich, in the province of North Rhein-Westphalia. With 1,240 branches, the company is the largest specialty retail chain for pet food and supplies in Europe and a tenant in many of the IMMOFINANZ retail properties.

At a building in Poing near Munich, Naxos NGL has signed on as a long-term tenant for approx. 8,500 m².

A long-term lease for approx. 2,600 m² was also signed with Kraftverkehr Nagel, which will move in during July of this year. According to company information, Kraftverkehr Nagel has been one of the leading providers of food logistics in Europe and number one in Germany for many years.

Source: Immofinanz

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