GIEAG sells logistics property in Erfurt to an institutional investor for 53.9 Mio. Euro
GIEAG Immobilien AG (GIEAG) has sold a logistics property in Erfurt with around 67,000 square meters to an investor in commercial real estate. The price is 53.9 Mio. Euro. GIEAG is expecting a contribution to profits in the low double-digit euros range at a group level as a result of the sale. The contract for the sale was certified by the notary today. GIEAG expects the transaction to be closed in July 2018.
This logistics property which has now been sold was built by GIEAG in 2010 and 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 property has total usable space of almost 67,000 square meters and is broken down into 60,200 square meters of logistics space as well as additional mezzanine and office space and car parking. GIEAG Immobilien AG (GIEAG) concluded a long-term rental agreement at the start of 2018 for a total space of 55,000 square meters with LGI Logistics Group International GmbH (LGI).
Philipp Pferschy, a member of GIEAG’s managing board, commented: “We are very pleased with the profitable sale of our logistics property in Erfurt. This once again underscores our expertise in creating state-of-the-art commercial properties. The fact that we have now been able to leverage the increase in this property’s value on the market is another major success for us. The property’s quality, the long-term rental of more than 80 percent of its total space to a top quality tenant and, of course, the excellent location all had a positive impact.”
Jones Lang LaSalle and GSK STOCKMANN advised the seller.