Deutsche Lagerhaus (DLG), a wholly-owned subsidiary of IMMOFINANZ Group, has sold its logistics property in Vaihingen an der Enz, Germany, which was jointly held with greenfield development to the Dutch company Geneba Properties N.V. The sales price exceeded the book value, the transaction took place as a share deal. The property is a proprietary development built in 2013/14 as part of a joint venture (75% DLG, 25% greenfield).
"This transaction not only confirms the increased interest in logistics assets in Germany and therefore the positive dynamics of this asset class; the development and subsequently the rapid sale of the property in Vaihingen are in fact a prime example of the functioning of our real estate machine", says Eduard Zehetner, CEO of IMMOFINANZ Group. "IMMOFINANZ was able to generate a substantial development profit with it regarding building costs".
The liquid assets generated with the sale will be invested in the development of new logistics properties in Germany, where DLG's position as an important logistics player is to be expanded further.
The property sold is centrally located on a 71,535 sqm site at Otto-Hahn-Strasse 10 in Vaihingen an der Enz in Southwest Germany. It has a good connection to the German motorway system in all directions. There is also a sufficient number of parking spaces for cars and trucks.
Construction began in July 2013 and was completed on schedule at the beginning of 2014. The 44,456 sqm of total lettable space has been allocated in its entirety to well-known logistics companies: DSV (30,539 sqm) operates a central warehouse for electric power tools (AEG Powertools, Milwaukee); the company Dachser uses its lettable space (13,917 sqm) among others for handling Tesa products.