RLI Investors acquires fully-let new-build project in the Hanover logistics region
In a forward funding deal, RLI Investors, an independent asset and fund manager and specialist in logistics property, has acquired a logistics development for the portfolio of the open-end logistics property special AIF "RLI Logistics Fund - Germany II".
The circa 16,300 square metre new development is to be constructed in the Koppelknechtsdamm commercial area in Garbsen, part of the established Hanover logistics region. The property is already fully let on a long-term lease, well before its scheduled completion in the fourth quarter of 2020. The vendor and developer of the project is Panattoni.
The tenant is HAASE Hausgerätelogistik. The company has its headquarters in Garbsen, with two further warehouse locations in Garbsen and Wunstorf. The positive development of its business, the contract logistics company is expanding. The new property, to be constructed on a circa 30,700 square metre site directly opposite the corporate headquarters, will be operated as a central warehouse for household appliances. The goods arrive from Poland, Italy and Turkey, and by sea freight containers from the Far East.
The new logistics property will have two separately lettable hall sections and over 20 gates, accessible from two sides. It has 24/7 operating approval. Energy-saving LED lighting will be installed in the building, which is to be constructed in accordance with the Gold Standard of the German Sustainable Building Council.
The new development is situated immediately adjoining the A2 motorway, the east-west axis between the Ruhr region and Berlin and one of Germany’s busiest transport routes. The A352 motorway, running northwards, branches off the A2 to the east of Garbsen. It also links the location with Langenhagen airport. The proximity of rail, inland waterway and air transport provides opportunities for multimodal transport and distribution.
Peter Wenzel, Managing Director of RLI Investors, says: "We are delighted that, following the development project in Ludwigsfelde, we are once again able to realise a prime logistics property in an established logistics region with our experienced partner Panattoni. The quality of the property, the long-term full letting to a first class tenant and the outstanding location will have a positive influence on the portfolio of the "RLI Logistics Fund Germany II".
HEUSSEN Rechtsanwälte advised RLI on the legal aspects of the transaction.