Union Investment Real Estate GmbH is adding to its logistics portfolio in Europe’s growth centers – the Hamburg-based investment manager has purchased its first logistics property in Switzerland. The property, which offers around 30,740 m² of rental space, will be added to the portfolio of institutional open-ended real estate fund UniInstitutional European Real Estate.
Fiege Logistik Schweiz AG has a ten-year lease on the logistics center, with an option to extend the lease. The facility was developed by Fiege in 2008 and meets state-of-the-art quality standards. The vendor is BNP Paribas Leasing Solutions Immobilien Schweiz AG. Details of the purchase price were not disclosed.
The logistics center is located on an industrial estate in the town of Oftringen, around 60 kilometers west of Zurich. Oftringen benefits from an ideal strategic location on the A1 motorway between Zurich and Berne. The A1 is the most important transport artery in Switzerland. The site’s future is further secured by its own rail link.
“Its position at the heart of Europe makes Switzerland an excellent location for investment in logistics properties. We are delighted to have laid a strong foundation for expanding our logistics portfolio in Switzerland by investing in the important Class A Mittelland logistics cluster”, said Philip La Pierre, Head of Investment Europe at Union Investment Real Estate GmbH.
Across all of its real estate funds, Union Investment’s European logistics portfolio currently comprises 18 properties with a total value of some €630 million.
Source: Union Investment