GIEAG sells logistics property in Lübeck to Exeter PG

GIEAG Immobilien AG (GIEAG) has once again been successful in its project development business and has sold its fully let logistics property in Lübeck to Exeter Property Group. The company will primarily use the proceeds to drive further property developments. CBRE acted as an advisor for this transaction.

This property has around 8,600 m² and GIEAG built it in 2012 and initially took it onto its books. It is located in the commercial zone in Lübeck-Roggenhorst and enjoys excellent transport connections to the A20 and A1 motorways. It is fully let to the fire protection company Minimax GmbH & Co. KG. The rental agreement with Minimax was recently extended through to the end of 2021.

Philipp Pferschy, member of GIEAG Immobilien AG’s managing board commented: “We are very pleased that our project development in Lübeck has now successfully come to fruition and that we can also participate in the increased property values on the market. The positive market environment was just one factor in this regard. The fact that the property is fully let over the long term also played a key role. This also highlights our expertise in selecting locations and for the property’s excellent quality and possibilities for other uses.”