German property investor Commerz Real has acquired a logistics property which is to be built close to the Frankfurt International Airport. An exclusive lease for the property with a fixed term of at least ten years has been signed with express shipping group DHL Express Germany. The total investment volume for the transaction is about EUR 16 mln, Commerz Real said.
German property investor Commerz Real has acquired a logistics property which is to be built close to the Frankfurt International Airport. An exclusive lease for the property with a fixed term of at least ten years has been signed with express shipping group DHL Express Germany. The total investment volume for the transaction is about EUR 16 mln, Commerz Real said.
Following its completion in 2009, the property will be added to Commerz Real’s EURO LOGISTIK 1 institutional fund. The developer Harder & Partner sold the property.
Situated on a 30,600 m2 plot, the ‘DHL-Express Germany GmbH Service Center’ will have a gross lettable floor area of about 7,800 m2. Warehouse and logistics space cover about 5,700 m2 of the total while the remainder is office space.
‘The property is characterised by an outstanding quality of location,’ commented Hans-Joachim Kuhl, a member of the Commerz Real board and in charge of property acquisitions. ‘With the continued expansion of the air cargo business, demand for well-developed logistics floor space in the immediate vicinity of the airport is bound to rise in the coming years.’
