VIB Vermogen snaps up logistics assets

Munich-based listed property firm VIB Vermogen has acquired two logistics properties in the German city of Erlangen for €58 mln.

The assets will be paid for partly in shares and partly through €41 mln of bank loans carrying an interest rate below 3%. The identity of the vendor has not been disclosed.

The two properties have a combined lettable area of 63,000 m2 and a 10-year rental agreement in place.

VIB Vermogen board member Peter Schropp sees good prospects for the logistics sector. ‘The rental income from these two properties, which are rented for several years to first-class logistics companies, enables us to broaden our earnings base,’ he said.