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.”
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.