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EUR65.5M asset sale in Poland ahead of book value

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Key facts

Location: Bremen, Germany
Investment pillar: Growth Covenant Asset
Acquisition price:
€60.3 million
Net initial yield: 4.8%
GIA: 57,537 sqm
Eaves height: 12.2 metres
Lease expiry: weighted unexpired lease term of both properties is 8.1 years
Acquisition date: September 2019

 

Further information

  • Purpose-built in 2013 and 2019 respectively, these two high specification facilities are situated in the prime logistics location of GVZ Bremen, the second largest metropolitan city in north-west Germany and it is the largest freight area in Germany, close to Bremen and Bremerhaven, the country’s second largest port area.
  • The area benefits from excellent road infrastructure as well as national and international transport connections via Bremen International Airport and the high-speed railway network. This core location benefits from a low vacancy rate, strong occupier demand and limited availability of logistics buildings and land for development which has driven recent rental growth. The area also has a strong and flexible labour pool to draw upon.
  • The 2019 property is exclusively let to Bremen based logistics operator Kieserling Spedition + Logistik on a ten-year lease from February 2019.  The 2013 property is let to Kieserling Spedition + Logistik, THIMM Packaging Systems, a leading packaging and logistics company and Bremer Spirituosen, on shorter leases with the benefit of a third-party rental guarantee. The weighted unexpired lease term of both properties is 8.1 years, with rent subject to annual indexation of 85% of the German CPI.

For related information see Our Properties and Portfolio Summary