Hamburg Commercial Bank (HCOB) is providing GLP with financing of c. €83m. The funds will be made available for the acquisition and modernization of a logistics property with c. 116,000m2 of rental space in Philippsburg (Rhine-Neckar region). The strategically located region is one of the most important logistics centres in Germany and is characterized by a low supply of space and stable demand.
The conversion of the property will help to create a flexible offer with areas from 2,000m2 to 10,000m2, possibly also 50,000m2 and more, tailored to the needs of modern logistics companies. The refurbishment will begin at the end of this year. Certification according to BREEAM at the “excellent” level is being sought.
“We have come to know GLP as an experienced real estate investor who also purchases and optimizes older properties with repositioning potential. Following this guiding principle, modernization is also being preferred to demolition and new construction for this logistics facility - this will make an older building fit for the future," said Peter Axmann, Head of Real Estate Customers at Hamburg Commercial Bank. "We are pleased to be able to support the economy's transition to greater sustainability with this financing."
"The HCOB team understood our vision for this sustainability-oriented project and found an optimal financing solution," said Dominique Cachelin, Head of Debt Capital Markets at GCP. "We would like to thank Hamburg Commercial Bank for the constructive cooperation in this first joint transaction."
Image provided by HCOB. Copyright GLP.
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