Hamburg-based Union Investment Real Estate has purchased its first logistics property in Switzerland.
Hamburg-based Union Investment Real Estate has purchased its first logistics property in Switzerland.
The property, which offers around 30,740 m2 of rental space, will be added to the portfolio of institutional open-ended real estate fund UniInstitutional European Real Estate.
Fiege Logistik Schweiz has a ten-year lease on the logistics centre, with an option to extend the lease. The facility was developed by Fiege in 2008 and meets state-of-the-art quality standards.
The vendor is BNP Paribas Leasing Solutions Immobilien Schweiz. Details of the purchase price were not disclosed.
The logistics centre is located on an industrial estate in the town of Oftringen, around 60 kilometres west of Zurich.
Union Investment said that Oftringen benefits from a strategic location on the A1 motorway between Zurich and Berne. The site also has its own rail link.
'Its position at the heart of Europe makes Switzerland an excellent location for investment in logistics properties. We are delighted to have laid a strong foundation for expanding our logistics portfolio in Switzerland by investing in the important Class A Mittelland logistics cluster', said Philip La Pierre, head of investment Europe at Union Investment Real Estate.
Union Investment’s European logistics portfolio currently comprises 18 properties with a total value of €630 mln.
