German logistics real estate specialist LIP Invest has bought an under-construction logistics centre near the Swiss border and the Lake Constance region.
Financial details were not disclosed.
European project developer Panattoni is responsible for the construction of the 24,600 m2 revitalised asset in Singen, due for completion by Q3 2022, while Goldbeck Süd is general contractor.
The development includes a logistics hall with around 13,500 m2 of lettable area being built on the site of a former shopping centre, of which 10,700 m2 are hall space, 2,300 m2 storage mezzanine and 500 m2 for office and social areas.
An additional 4,500 m2 will serve as a compensation area.
Bodo Hollung, partner and managing director of LIP Invest, said: ‘Singen is an important location for contract logistics and is strongly characterised by owner-occupiers. This is reflected in the logistics property market by high demand with little available space.’
The property, seeking DGNB Gold certification, will feature a partially greened roof and a PV system installed by partner AvanLog Solar, with part of the electricity generated used to power four e-charging stations for cars and bicycles.
According to LIP Invest, a long-term lease contract was signed with Ulm-based transport and logistics provider C.E. Noerpel that will see the company expanding its network to 18 locations across Germany and Switzerland.
On the location, C.E. Noerpel will take on a logistics contract for a manufacturer of packaging material for the food, healthcare and personal care sectors.
LIP Invest was legally supported by Ashurst LLP, tax-wise by Ebner Stolz and by ES EnviroSustain for the ESG due diligence, while Cushman & Wakefield handled the technical due diligence and construction controlling.
