Fund manager Hamburg Immobiliën Handlung (HIH) has acquired a Siemens distribution centre in Krefeld and the new headquarters for multinational Philips in Hamburg.
Fund manager Hamburg Immobiliën Handlung (HIH) has acquired a Siemens distribution centre in Krefeld and the new headquarters for multinational Philips in Hamburg.
HIH purchased the assets on behalf of an unnamed institutional investor from German retail specialist ECE for a total of €80 mln.
The recently completed logistics property in Krefeld, northwest of Düsseldorf, comprises two buildings with 31,300 m2 of gross lettable area as well as ancillary space. Siemens has taken a long lease on the property.
Located in Fuhlsbüttel, a northern suburb of Hamburg, the Philips building will comprise 13,500 m2 of space. The six-storey building will serve as the headquarters for sales and marketing staff focused on the German-speaking markets (Germany, Austria and Switzerland) and the Consumer Lifestyle, Lighting and Healthcare business units for the region. Overall, 1,000 Philips staff will be based there. ECE will remain as the owner until the development is completed in the autumn of 2015.