German logistics specialist LIP Invest has acquired a new 38,000 m2 logistics centre in Pilsting, Germany, for one of its logistics real estate special funds in an off-market deal worth €50 mln. The vendor is Hannover-based bauwo Grundstücksgesellschaft.
The property, initially a speculative development, is currently leased on a long-term basis to international logistics company Truck & Wheel as well as Hendricks Internationale Spedition.
LIP had secured the project development at an early stage with a vacancy rate of around 30% and has now been able to lease the third construction phase with around 12,800 m2 of hall space, mezzanine, a loading tunnel, and office space to German group Tricor.
Realogis acted in an advisory and mediating capacity for all three lease agreements.
