AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe, announces that it has signed a ten year lease with a world leading sports fashion retailer, for 44,250m² of logistics space, in Niedersachsenpark, Germany. AXA IM - Real Assets acquired the property in 2011 and manages it on behalf of European Logistics Income Venture (“ELIV”), which will benefit from the warehouse generating stable long-term income, through its strong new tenant.
The Grade-A warehouse comprises 44,250m² of lettable area, of which 40,000 is the storage facility. It will be the tenant’s sole European online distribution hub and is currently undergoing a refurbishment programme in order to meet the tenant’s expanding operational needs.
The warehouse is located in the industrial and commercial zone of Niedersachsenpark, a 402 hectare business park located in a fast-growing and commercial section of Lower Saxony, on the main arterial route between Hamburg and Dusseldorf.
Matthias Leube, Regional Head of Asset Management & Transactions at AXA IM - Real Assets in Germany, commented: “Our ability to secure a leading global tenant on a significant lease in the logistics sector is testament to the expertise and skills of our asset management team in this field and demonstrates the buoyancy of this area of the market. This is one of the largest logistics lettings to complete in Germany this year.”
