Commerz Real has acquired a logistics project development on one of the last remaining plots at the Cargo City Süd logistics park located south of the Frankfurt Airport runways.
Commerz Real has acquired a logistics project development on one of the last remaining plots at the Cargo City Süd logistics park located south of the Frankfurt Airport runways.
The seller is a company owned by logistics developer Jürgen B. Harder. BNP Paribas Real Estate facilitated the transaction. The investment volume totals EUR 43.3 mln.
The object is earmarked for Commerz Real's 'hausInvest europa' open-ended real estate fund. The gross lettable area of the property, which is expected to be completed in the fall of 2010, covers about 23,000 m2.
Commerz Real said an international handling and freight forwarding company has signed a forward commitment for a 10-year lease for the entire premises.
'The shortage of floor space for logistics companies at Frankfurt Airport makes this an investment with long-term perspective beyond the existing lease,' said Hans-Joachim Kühl, member of the Board of Commerz Real and in charge of real estate acquisitions. 'This is our second commitment at Frankfurt Airport now. We see considerable potential in this segment.'
