Valad, the European multi-let real estate investment manager, has secured two new tenants at Pinkertweg 8, Hamburg Billbrook on behalf of its V+ Germany fund.
The new tenants, both transport and logistics companies, have signed leases on a total of 6,512 m² of mixed industrial warehouse space for terms of 11 years and five years. Following the conclusion of a single long-term lease at the building, Valad took the opportunity to refurbish and modernize the space, making it suitable for multiple tenants requiring office and warehouse accommodation close to the Port of Hamburg.
Klaus Kortebein, Valad's Head of Germany, commented: "As the German economy continues to improve, demand from tenants for industrial assets in good locations, like Pinkertweg 8, is increasing. In 2010, more than a quarter of Valad's total letting activity in Germany was in Hamburg Billbrook, reflecting the quality of our 180,000-m² portfolio in this area and the strength of the local economy.
"To have let this space, which was previously occupied by one tenant, to two new tenants, is a direct result of Valad's active asset management approach and our multi-let investment strategy."
Source: Tavistock Communications