Munich-based logistics property specialist LIP Invest said on Tuesday that it is acquiring a multi-user logistics centre in Gengenbach’s Kinzigpark in Germany in an off-market deal worth €50 mln.
The forward funding transaction is being carried out on behalf of the LIP Real Estate Investment– Logistics Germany II fund.
LIP is acquiring the state-of-the-art new build from project developer and seller Fiege which will use the logistics centre itself and rent it on a long-term basis. It is the second logistics facility acquired by LIP Invest from Fiege.
‘With the purchase of this multi-user centre in Gengenbach we have completed the fund’s location allocation and are also now represented in the all key logistics regions with this our second fund,’ said Bodo Hollung, shareholder and managing director of LIP Invest.
As a professional in tyre logistics and one of Europe's leading contract logistics providers, Fiege will operate on behalf of one of the world's largest tyre manufacturers from its Gengenbach location after completion of the property in summer 2021.
The project is made up of four hall sections with a total rental space of almost 42,000 m2.
