KanAm Grund Group has acquired the last-mile logistics property Cross Dock Upper Austria for its open-ended real estate fund LEADING CITIES INVEST. The building is situated in the Austrian municipality of Enns, near the city of Linz, and offers almost 13,000m² of space. Seller is the Meir real estate group, headquartered in Austria. The parties have agreed not to disclose the price of the deal.
Following the acquistion of the property, the LEADING CITIES INVEST fund’s logistics portfolio now consists of eight assets which account for nearly eight percent of the real estate assets. Cross Dock Upper Austria is the first Austrian property of the investment fund. The other seven logistics buildings are spread across central and northern Germany.
The Cross Dock Upper Austria property was erected in 2019 to a very high standard of construction. Reinforced concrete was used in the foundation, columns, steel girders and fiber reinforced panels. The logistics center is rectangular in design, with loading bays on the long sides. The 99 bays (of which 67 are for trucks and 32 are for vans) allow for supply chain optimization. On the western side of the building there are offices with an internal ceiling height of 3 meters. The ceiling height in the storage space is 7.5 meters. On the eastern side, there is a covered area with 42 parking spaces for vans. In addition, there are 64 uncovered spaces for vans, 80 for cars and 10 for trucks. The property also has impressive credentials with regard to sustainability, with preparations made for charging stations at 24 truck parking spaces. Additionally, on the roof there is a photovoltaic system covering an area of around 11,000m², which is operated by a third-party provider and sub-let. The building has a BREEAM certification of Very Good, making it an ideal complement to the fund portfolio in terms of sustainability standards.
Sascha Schadly, Managing Director at KanAm Grund Group and fund manager of the LEADING CITIES INVEST, commented: ‘We are really very pleased that we were able to buy the Cross Dock Upper Austria building and to add another logitics property to the LEADING CITIES INVEST’s portfolio. Demand for logistics and industrial real estate continues to be high, and last-mile properties are particularly attractive. Investment in Austria provides a higher level of portfolio diversification. Linz is one of the three Austrian logistics hotspots, besides the cities of Vienna and Graz. Significant transaction dynamics and a high occupancy rate of currently 96.8% are evidence of the fund’s earnings power.’
