VIB Vermögen AG, a company specializing in commercial real estate portfolio management, has strengthened its commercial real estate portfolio to include two logistics properties as part of a share deal (94.98% interest).
Both properties in Erlangen together comprise a rental space of 63,000 m² and are already rented for 10 years. The investment volume totals around €58 million and the rental return amounts to 7.25 %.
The company plans to transfer their properties to its portfolio as of July 1, 2013. The transaction is being financed by €41 million of bank loans carrying an interest rate of below 3% with the residual amount being financed by equity.
Peter Schropp, Managing Board member responsible for real estate at VIB Vermögen AG, expressed his pleasure at these new acquisitions: "Given constant growth in international goods flows, we regard the logistics area as one of the most promising future markets. The rental income from these two properties, which are rented for several years to first-class logistics companies, enables us to broaden our earnings base."
Source: Cometis AG