PointPark Properties (P3) has closed a significant transaction on the German logistics real estate market. DHL, one of the world's largest logistics services providers, has signed a five-year lease extension for 32,863 m² at P3's asset located in Mörfelden, Frankfurt region. This logistic center is a part of the Crescent Euro Industrial I fund.
"DHL is one of P3's key clients in Germany. At a time when the Frankfurt region is seeing pressure on logistics space, we are very pleased that DHL has extended its contract with us for another five years. We always value long-term relationships with our clients and we have worked with DHL for more than 8 years," says Tim Hennes, P3 Head of Asset Management Western Europe.
In the Mörfelden logistic park, DHL occupies 87% of the building. The other 13% are being leased by CWS-boco. DHL also leases 24,231 m² at Dreieich, P3's further logistic center close to Frankfurt.