TH Real Estate has signed contracts to forward fund a c. 52,500m² logistics development project in the middle of Germany, near the city of Kassel, on behalf of its German Logistics strategy. The purchase price has not been disclosed.
Acquired from Goodman, who will complete construction of the logistics park in summer 2019, the asset comprises c.48,700m² of distribution space with a c. 2,050m² mezzanine level and c. 1,530m² of office space. The site has been predominantly pre-let to BAHAG AG, who will take over a first rental unit in December. 20,000m² are being developed on a speculative basis and are still available for lease. After total completion, a DGNB Gold certification is being sought for this premium distribution hub.
This brand new logistics centre is situated in the well-established logistics park Lutterberg in Staufenberg, c. 30km in the north of the city of Kassel. It has excellent connectivity links to the motorway A7, to reach the north-south-route of Germany, as well as the east-west connection is accessible through a federal route.
Thorsten Kiel, Head of European Industrial & Logistics, at TH Real Estate, says: “We are pleased to move on successfully with logistics investments in Germany. After completion, this newly built logistics hub will have specific benefits due to its centralised location in the heart of Germany. In this region, we do see a sustainable demand for multifunctional logistics assets like this distribution centre.”
Philippe van der Beken, Managing Director for Goodman Continental Europe, comments: “We are focused on developing this modern, sustainably designed logistics property to the highest standard for BAHAG AG and future customers who will be attracted to this key logistics location. Collaborating with TH Real Estate enables even more tailored ways for Goodman to service our customers.”
TH Real Estate was advised by Clifford Chance for the legal due diligence. EY acted as a tax advisor and Ambiente LLP advised on the technical and environmental aspects.
