LaSalle Investment Management has acquired a logistics development in western Germany on behalf of LaSalle E-REGI via LaSalle’s regulated platform in Germany. The asset has been acquired from the German logistics subsidiary of a Cologne-headquartered online retailer, in a sale-and-leaseback transaction. The property is a high-quality new-build development, which was completed in September 2019. It has a total area of over 44,000m². The asset is currently single-let to a logistics subsidiary on a 10-year term and will serve as the tenant’s European logistics headquarters.
The property is located in Euskirchen in the greater Cologne region of North-Rhine-Westphalia, Germany’s largest state by population. It is situated 30km from Bonn, 40km from Cologne and 70km from Aachen and is well connected to the major A1, A61 and A565 highways which form an integral part of the regional motorway network.
Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “We’ve been steadily increasing LaSalle E-REGI’s exposure to the logistics sector to capitalise on the strong tailwinds provided by the continued growth of e-commerce and online retailing. With the large population of the greater Cologne region served by a relatively low and constrained supply of modern logistics properties, this investment in a state-of-the-art facility in Euskirchen will offer our investors stable long-term returns and attractive yield.”
Andreas Wesner, Head of Acquisitions for Germany at LaSalle, said: “This is a very well-located asset in an area with scarcity of available logistics space. Due to its long-term lease structure and high flexibility in regards of third-party usability, this is an excellent fit for LaSalle’s pan-European fund and highlights our ability to source high-quality assets.”
