Logistics property investor and developer Verdion has secured a pre-let to Siemens AG for a bespoke logistics and light production facility in Chemnitz, eastern Germany. The scheme has an end value of €30 million.
A 21 acre (8.5 hectare) site has been acquired by Verdion to develop 376,749 ft² (approx. 35,000 m²) of warehouse and light production accommodation for Siemens. The multinational engineering and electronics conglomerate already operates systems engineering facilities at four locations in Chemnitz. This new development will allow Siemens to bring some of the smaller production units together under one roof.
Construction will begin in October 2013 and delivery is scheduled for Q3 2014.
Siemens has had a presence in Chemnitz for over 110 years. Strategically located with excellent transportation links to Germany’s main cities, as well as Poland and Czech Republic, the city has seen a high annual growth in GDP since 2000 and is now within the top 10 German cities in terms of growth. The area has also become a significant manufacturing and engineering hub.
André Banschus, Verdion’s Country Manager: Germany, says: “To be selected to design, finance and develop this important facility for such a prestigious company as Siemens reinforces Verdion’s expertise and strength in the European logistics market.”
The project will be majority financed by Healthcare Of Ontario Pension Plan (HOOPP). BNP Paribas Real Estate represented Siemens and HOOPP was advised by Cushman & Wakefield Corporate Finance.
Source: the Flashbulb