Panattoni Europe, a leading developer of warehouse and logistics space, has commenced operations on a new 12,400 m² warehouse facility for Rudolph Logistik Group. The project is being developed as part of the joint venture between Panattoni Europe and Pramerica Real Estate Investors. Pramerica is the European arm of the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the United States.
The facility will expand Rudolph's existing presence in Lorsch and will serve as a flagship operation from which Rudolph will serve multiple logistics clients. Rudolph Logistics Group is a leading international logistics service provider with 30 locations in Germany, Europe and the Arabian Peninsula.
The facility will be situated adjacent to the A67 motorway in Lorsch, approximately 25 kilometers north of Mannheim and 50 kilometers south of Frankfurt. Scheduled for completion in Summer 2012, the project will also incorporate environmentally friendly building features such as a photovoltaic system to assist with electricity generation.
Jones Lang LaSalle provided brokerage services for the transaction.
"We are very pleased to launch our relationship with Rudolph Logistics Group with this project in Lorsch, and we look forward to future business opportunities together. Additionally, we are delighted to expand our presence in Germany, which plays a key role in our overall European operating platform. We are in advanced stages of negotiations with several other German projects and look forward to additional announcements in the coming months," said Jean van Hecke, Managing Director for Panattoni Europe.
Source: KONKRET PR