Goodman, the global property group that owns, develops and manages logistics space, has significantly boosted its activities in Northern Germany. Its managed European fund, Goodman European Logistics Fund (GELF) recently completed an on-market transaction for the purchase of a 40,000 sqm logistics centre currently leased to DB Schenker. This acquisition complements Goodman’s two major new developments in Bremen, for 33,000 sqm and 20,000 sqm respectively.
The scarcity of logistics space at Bremen Hansaline, where I-Park Bremen is located, is highlighted by the vacancy rate of 0%. Despite continuous requests hardly any locations are becoming available. Therefore the market in 2012 was characterised by an extraordinarily low rate of new logistics development. As a result, Bremen benefits from a strong demand from investors for logistics properties.
As one of the leading funds for logistics properties in Europe, GELF was well positioned to undertake an on-market acquisition of the facility in Bremen’s I-Park.
“Different indicators, including the lack of available space to lease in Bremen, point to the market demonstrating very good investment fundamentals. We are very pleased to have secured this prime asset in a key location at attractive conditions,” said GELF Fund Director, Emmanuel Van der Stichele.
Bremen’s I-Park is part of the so-called Hansalinie, one of five important logistics areas in the city. It is well connected to the numerous container terminals in the surrounding area, and has the potential to add an on-site railway connection. With a column grid of 15 x 20 metres, 36 truck parking spaces and transportation tunnels for lateral unloading of trucks, the logistics centre is ideally suited to supplying automobile production lines.
The facility acquired in the I-Park is part of a larger investment campaign by Goodman in Bremen. In April 2013, Goodman announced that it had commenced the development of a 33,000 sqm logistics centre at the Hemelinger Hafen. The facility will also be used for storing parts for the second largest automobile manufacturer in Germany. At present Goodman is developing another project in the neighbourhood of Bremen. In Weyhe, a 20,000 sqm production facility is under construction for the industrial company mdexx, who will move into the new development by August 2013.
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About Goodman European Logistics Fund (GELF)
GELF is a €1.9 billion pan-European fund with a portfolio of 94 assets in 11 countries and boasts unparalleled performance metrics as demonstrated by a 98% occupancy rate and, a portfolio weighted average lease expiry (WALE) to first break of 5.0 years. For more information please visit: www.gelf.eu
Goodman is an integrated property group that owns, develops and manages logistics and business space across Continental Europe, the United Kingdom, the Asia-Pacific region, North America and Brazil. The Group invests in business parks, office parks, industrial estates and warehouse and distribution centers.
Goodman also offers a range of listed and unlisted property funds, giving investors access to a range of specialist services and property assets, and is working continually to build value in industrial property and fund management, with innovative new developments, and business and investment offerings.
With total assets under management of €16.5 billion and over 400 properties under management, Goodman is the largest industrial listed property group on the Australian Stock Exchange, and one of the largest listed specialist fund managers globally. Its market insight and dedicated local teams create sound investment opportunities and develop properties and environments that meet each client’s individual requirements.
With more than 970 staff and 36 offices in 18 countries, Goodman has the global reach to meet customers’ needs as their businesses expand or evolve. In Europe, Goodman has offices in Germany, the Netherlands, Belgium, Luxembourg, France, Spain, Italy, Poland, the Czech Republic, Hungary, Slovakia, Sweden and the UK.
For more information please visit: www.goodman.com/de