Valad Europe, the multi-let real estate investment manager, has renewed a lease on 85,338 m² of warehouse and office space at Industriepark Ettlingen, to Daimler AG, accommodating Daimler’s global spare parts distribution.
Renewing its lease on the property for a further 10 years, Daimler will continue to supply spare parts from the site for all Daimler brands including Mercedes-Benz, Maybach and Smart.
Industriepark Ettlingen comprises 105,000 m² of logistic and production space and 15,000 m² of office space. Situated in a well-known commercial area off the A5/A8 motorway junction south of Karlsruhe, it offers excellent access to national and international motorways. The location is popular among automotive production and logistics and IT companies with Industriepark Ettlingen currently occupied by 27 tenants including TI Automotive, Balfour Beatty Rail, and Sit SteuerungsTechnik.
Danilo Hunker, Valad Europe’s Head of Asset Management in Germany, commented: “We are delighted that Daimler has chosen to stay at Industriepark Ettlingen for a further 10 years. This demonstrates the ongoing suitability of the property for this fundamental part of their business and is a strong endorsement of the asset. It is an excellent result for our local asset management team on the ground, who work hard to look after our existing tenants.”
Rainer Koepke, Head of Industrial Real Estate, Germany, at Jones Lang LaSalle GmbH, who advised Valad Europe on the letting added: “Daimler’s extension of the lease in Ettlingen was one of the largest lease renewals in Germany in 2012 and demonstrates the confidence of the tenant in the location and the building. We are pleased to have been able, together with the Valad Europe team, to retain Daimler as a first class tenant in the large, strategic warehouse property.”
Valad Europe has a team of 36 in Germany, operating out of offices in Frankfurt, Munich, Berlin, Düsseldorf and Hamburg, who manage approximately €650 million of assets in Germany and 650 tenants, on behalf of three of its 16 funds.