GIEAG concludes rental agreement with the logistics group LGI for property in Erfurt

GIEAG Immobilien AG (GIEAG) has concluded a long-term rental agreement from the summer of 2018 for total space of 55,500 square meters in its logistics property in Erfurt with LGI Logistics Group International GmbH (LGI). LGI Group has global operations and is taking over part of the European sales for Panasonic products as well as the existing distribution from the previous Panasonic logistics service provider and current tenant of GIEAG’s property in Erfurt.

This logistics property was built by GIEAG in 2010 and has total usable space of almost 67,000 square meters – of which more than 60,200 square meters are used for logistics with additional mezzanine and office space and also parking areas. It is located on the Internationales Logistikzentrum (ILZ) site in Erfurt. The property has an excellent traffic infrastructure thanks to its direct connection to the A71 motorway. The two most important freight handling airports, Frankfurt am Main and Leipzig/Halle can both be reached by truck in less than three hours.

Philipp Pferschy, a member of GIEAG’s managing board, commented: “We are very pleased to have been able to achieve this major rental success. LGI is one of the leading companies in the European contract logistics sector with more than 4,500 employees at more than 45 locations in Europe, the USA and Russia. The agreement with LGI shows our property’s quality and also Erfurt’s excellent location.”