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Trading Update ahead of the publication of the Company’s results for the period from 1 July 2018 to 31 December 2018

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Key facts

Location: Bochum, Düsseldorf, Germany
Acquisition price: €35.7 million
Net initial yield: 4.9% on the corporate acquisition
GIA: 37,037 sqm
Eaves height: 12 metres
Lease expiry: unexpired lease term of 5 years
Acquisition date: November 2018

sv-handels-logistic-warehouse-near-bochum-germany
© DROHNEN-LUFTBILDER360

Further information

  • This new, well-specified, purpose-built asset is strategically located in an established logistics locationnear Bochum, in the Rhine-Ruhr region of Germany. The area benefits from excellent logistics links including strong railway and road connectivity with direct access to the A40 and A43 motorways. It also continues to see high occupier demand, a low vacancy rate and limited availability both of logistics buildings and land for development.
  • This investment is fully income producing and offers attractive scope for value and income enhancing opportunities.
  • One unit is leased to SVH Handels GmbH (“SVH Handels”) for a fixed term of seven years, with 6.4 years unexpired. SVH Handels is a subsidiary of the Würth Group, a worldwide wholesaler of 125,000 products for the trade and craft industry, with annual turnover of over €12 billion.
  • A second unit is leased to WM Group GmbH (“WM Group”) for a fixed term of five years, with 4.6 years unexpired. WM Group, a logistics service provider, is part of LB GmbH, which employs over 800 people across nine locations in Germany, Austria and the UK.
  • The remaining vacant space, with a combined gross internal area of 17,664 sqm, currently benefits from a five-year rental guarantee to the Company provided by Dietz AG (“Dietz”), the Company’s asset manager in Germany. Noting the sought-after logistics location, which benefits from strong occupier demand and constrained supply, the Manager will be seeking to let these two units in the near term.

For related information see Our Properties and Portfolio Summary