Germany's VIB Vermögen is investing EUR 33 mln in four logistics properties in Germany after having raised funds of nearly EUR 30 mln through a rights issue in June.
Germany's VIB Vermögen is investing EUR 33 mln in four logistics properties in Germany after having raised funds of nearly EUR 30 mln through a rights issue in June.
In a statement this week, Neuburg-based VIB Vermögen said it has started construction of a production and logistics centre in Ingolstadt with a total rentable space of 22,300 m2. The project, involving an investment of around EUR 24 mln, represents a 75/25 joint venture with the city of Ingolstadt.
In addition, the company has delivered a logistics property in Ingolstadt-Grossmehring to its tenant, and started the development of two logistics properties in Baunatal near Kassel and Neuburg/Donau. The assets are pre-let with an average rental yield of 8.0%.
These projects will add a combined 36,000 m2 to VIB's portfolio, bringing the total size to roughly 690,000 m2.
The company plans to continue to strengthen its real estate portfolio through targeted acquisitions, it said. 'We are engaged in negotiations for further investments entailing at least EUR 25 mln,' said CEO Ludwig Schlosser.
VIB Vermögen is a listed company focusing on commercial real estate investments. Its portfolio is valued at some EUR 650 mln.
