. As of 27nd of September 2018, Frasers Property Europe will be the owner of a prime logistics property located in Tamm, Germany
. The asset is long-term leased to Robert Bosch GmbH, a privately-owned leading engineering and electronics multinational headquartered in Germany
. The state-of-the-art logistics facility is developed by Alpha Industrial GmbH & Co. KG., one of the leading logistics and industrial developers in Germany, which was acquired by Frasers Property Europe in July this year and rebranded to Frasers Property Europe
. The development is the first completed development since the acquisition of Alpha Industrial, with four more projects under development in Germany, to be completed in the coming two years
AMSTERDAM, 2 OCTOBER 2018
Frasers Property Europe has successfully acquired a built-to-suit logistics property from Alpha Industrial Holding SA and its joint venture partner via the acquisition of 94% of the shares of AI Gewerbepark Tamm GmbH. The development was completed and handed over to the tenant according schedule in Q3 2018.
The asset is located northwest of Stuttgart, a strong and highly sought-after logistics market. This is Frasers Property Europe’s third property in the greater Stuttgart area after earlier acquisitions in 2014 and 2017. The asset consists of two stand-alone warehouses providing a total gross lettable area of 39,000 sqm on a 72,000 sqm land plot. The tenant will be using the property for their heating and vehicle technology department, the logistics services will be provided by Kuehne + Nagel. Bosch has signed a long-term lease for this built-to-suit property which will employ circa 180 employees.
Ulrich Wörner, Head of Development at Frasers Property Europe: “This state-of-the-art property meets Bosch`s high standards and was completed in time and within budget. We are proud that this development project that we started with Alpha Industrial in 2016 is now transferred to Frasers Property Europe as a consequence of Frasers’ takeover of the entire business of Alpha Industrial.”
The acquisition further enhances Frasers’ exposure to core logistics properties in the German market. The company’s strategy is to continue acquiring and developing state-of-the-art logistics properties in its three core markets Germany, Austria and The Netherlands.