Swiss Life AM acquires German industrial park
Swiss Life Asset Managers and its subsidiary Beos have acquired the Griesheim Industrial Park in Frankfurt.
The transaction took place in December 2019 as a ground lease for 99 years, i.e. until 2118, according to a Swiss Life statement. Clariant is the ground leaseholder of the park, which has an area of around 545,000 square meters. The parties have agreed not to disclose the ground rent, the statement added. Beos will manage the industrial park in the long term and develop it into a mixed-use commercial district.
The Griesheim Industrial Park, which covers a total of 72 hectares, has been an industrial site since 1856. In recent years, however, more and more medium-sized and small companies from various industrial, craft and service sectors have settled there. At present, 30 companies with around 450 employees have settled in the industrial park, Swiss Life AM reports.
"The Griesheim Industrial Park offers great potential in view of the great demand for commercial space in the entire Rhine-Main region," says Beos CEO Holger Matheis. He adds that planning is still in its infancy and that the company intends to work closely with the city of Frankfurt on the development of the site. (ah)
