Acquisition of Two Highly Sustainable Logistics Assets in Prime Locations in Germany For €290.0m
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This newly constructed logistics building is on target to reach practical completion on 1 May 2021, subject to a number of conditions, including practical completion of the building.
Located some 60km north of Frankfurt, close to the strategic A5/A45 motorway intersection, this high specification asset includes 16m eaves height, 223 loading doors, 192 HGV spaces and 415 car spaces.
It is leased for 15 years to the rapidly growing global online furniture group Wayfair. Wayfair Inc, the US parent company with a market capitalisation of over $35 billion, generated total net revenue over the full year 2020 of $14.1 billion, generating a gross profit of $4.1 billion.
The lease is annually indexed to 100% of German CPI, following a three-year indexation holiday at the commencement of the lease.
The property has been built to high sustainability standards, certified to DGNB Gold standard, and it benefits from a range of operational energy reduction measures. The roof has the capacity to support the installation of solar PV panels.