Panattoni Europe, a leading developer of warehouse and logistics space, has commenced operations on a new 30,000 m² warehouse facility for Lear Corporation. Lear Corporation, a leading global supplier of automotive seating and electrical power management systems, has over 100,000 employees around the world and 17 facilities in Germany.
The project is being developed as part of the joint venture between Panattoni and Pramerica Real Estate Investors.
The new facility will be 100% leased by Lear and will be situated in Bremen's Hansalinie Business Park. The park is located immediately adjacent to the A1 motorway, connecting Hamburg, Bremen and Germany's core industrial region. Construction works for the facility commenced in June 2012 and the project is scheduled for completion prior to the end of the year.
The facility will serve as a relocation of Lear's existing operation in Bremen, from which it has served several large clients in the automotive sector for nearly 20 years. The new, state-of-the-art facility will allow Lear to optimize its processes and accommodate larger product volumes as demand for its products and services continues to grow.
Frank Freitag of CB Richard Ellis, Hamburg provided brokerage services for the transaction.
"Panattoni is pleased to have the opportunity to provide Lear with a facility solution that plays such an essential role in Lear's German operation. We look forward to working closely with Lear to complete this project and to expand the relationship further.
"In addition, we are quite pleased to continue Panattoni's rapid growth in the German market," said Jason Bennett, Panattoni's Managing Director for Northern Europe.
Source: Konkret PR