VIB Vermögen AG, South Germany's leading listed real estate company for commercial property, has won BMW AG as an attractive tenant for its logistics property in Wackersdorf in the Upper Palatinate, Bavaria, Germany.
The approximately 17,600-m² property, including car parking spaces, was rented in its entirety to the German automotive manufacturer as soon as the previous rental agreement expired on August 1, 2011.
The rental agreement runs until December 31, 2015, and contains options for it to be extended on either of two occasions for a period of four years in each case.
"We regard our intensified cooperation with BMW as a confirmation of the quality and attractiveness of our real estate portfolio," was how Ludwig Schlosser, the CEO of VIB Vermögen AG, expressed his satisfaction with the successful conclusion of the agreement.
Along with this co-operation with a globally active automotive manufacturer, the further orientation of the company's network at international level is also reflected in VIB Vermögen AG's entry into the European Public Real Estate Association (EPRA).
EPRA membership should also enhance the company's visibility as a leading real estate company abroad, and provide a further boost to the internationality of its investor relations work.
The European Public Real Estate Association (EPRA) is a not-for-profit association and representative organization for over 200 leading European real estate companies, real estate investors and real estate consultancies that administer total property assets of more than 250 billion. Among other objectives, EPRA aims to deploy targeted measures to promote investors' propensity to invest in listed European real estate companies.
Source: cometis AG