Hamburg Commercial Bank (HCOB) is providing €83 mln in financing to GLP for the acquisition and modernization of a logistics facility in Philippsburg, Germany.
The logistics real estate developer acquired the 116,000 m2 asset in April through a sale-and-leaseback agreement with the current tenant.
The tenant will occupy the property until the end of 2024 before relocating, allowing GLP to begin refurbishment works in early 2025.
The revamp will transform the property into a flexible space, offering units ranging from 2,000 m2 to potentially even 50,000 m2 or larger. The refurbishment is set to begin by the end of 2024 and aims to achieve BREEAM "Excellent" certification for sustainability.
Peter Axmann, head of Real Estate Clients at Hamburg Commercial Bank, commented: ‘We have come to know GLP as an experienced global logistics investor that also focuses on older properties with a potential for repositioning. In line with this guiding principle, this logistics facility will also be refurbished in preference to tearing down and rebuilding – making an older building fit for the future. We are pleased to support the transition of the economy towards greater sustainability with this financing.’
Dominique Cachelin, head of Debt Capital Markets at GCP, added: ‘The HCOB team understood our vision for this project with sustainability at the centre and provided an optimal financing solution.’
The site is centrally located in the Karlsruhe metropolitan area (Rhine-Neckar region), between Frankfurt and Stuttgart, a key logistics hub known for limited space and consistent demand.
