German real estate investor Demire Deutsche Mittelstand Real Estate has sold a logistics asset in the German city of Leipzig for €121 mln to a German institutional investor.
Dubbed LogPark, the asset has a lettable area of around 159,000 m2 and, with Amazon and Momox, has two well-known main tenants with long-term leases.
Since its acquisition in 2015, Demire's asset management team has developed the former Quelle distribution centre into a multi-tenant property.
The logistics property is characterised by a good location with motorway and rail connection close to the city centre as well as the possibility of 24/7h operation.
Demore diversifed its mix of users, reduced vacancy and established long-term strategic partnerships with tenants. Following Amazon's exapansion into additional rental space in autumn 2022, Demire's repositioning plan was successfully completed.
Demire acquires and holds commercial real estate in mid-sized cities and up-and-coming locations bordering metropolitan areas across Germany. As of 30 September 2022, the firm's portfolio comprises 64 assets with lettable space totalling about 1 million m2.
