The nationwide project developer GIEAG Immobilien AG (GIEAG) has sold the logistics property “Erfurt II – Last Mile Distribution Center” to a German special fund managed by AEW Invest GmbH. The closing of the transaction will take place in March 2020. The new building, constructed by GIEAG in 2019, was let long-term to Amazon Deutschland SI Transport GmbH upon completion.
The logistics property at Joseph-Meyer-Strasse 5 in Erfurt is located on a 40,000 square metre plot and offers 24,200 square metres of modern rental space for logistics, office and mezzanine uses. In addition, the project development has a parking area with almost 52,000 square metres.
Philipp Pferschy, CEO of GIEAG, comments: “With the sale of ‘Erfurt II’ we are successfully concluding the project development in Erfurt. Modern conceptualisation in the development of properties and our excellent team of experts have contributed to this success.”
On the seller side, Jones LaSalle acted in an advisory capacity and the law firm Werner, Luger & Partner provided legal advice. The buyer side was advised by the law firm Greenberg Traurig Germany LLP, TA Europe and Nova Ambiente.
GIEAG is a family-run Munich real estate stock corporation. The shares of GIEAG Immobilien AG are traded on the Munich Stock Exchange as well as the Frankfurt Stock Exchange and Xetra. By combining the three asset classes - office, residential, logistics - and the two service areas of development and portfolio management, the company offers stability that is unique in the market. The GIEAG team of experts is a guarantor for innovative and forward-looking concepts.
Over the past 22 years, GIEAG Immobilien AG has developed and optimised a large number of real estate projects with areas of up to 145,000 square metres and an individual investment sum of 15 to 150 million euros. Partnership, transaction security, perseverance and speed are the basis of sustainable value development for GIEAG.