Swiss Life logistics fund buys in Germany
An industrial park in Böblingen near Stuttgart will be the second property in Swiss Life Asset Managers' new European industrial and logistics fund.
The property, which was acquired by Swiss Life Real Estate Funds (LUX) S.A., SICAV-SIF European Industrial & Logistics, is an industrial park with a lettable area of approximately 51,600 sqm and 630 parking spaces. The seller was Aurelis Real Estate in an off-market transaction.
Around 40% is production space. Warehouses and logistics halls account for 30%, and the remaining space is divided between office uses and a canteen. According to Swiss Life AM, 90% of the site is let to three companies: a manufacturer of healthcare technology and household appliances, a logistics company and an automotive supplier. The space of the tenant from the healthcare sector is currently being modernised, with former production areas being converted into offices.
The site is located at Hewlett-Packard-Strasse 2 in the Hulb industrial estate. It is well connected to the road, rail and air networks; the site is also in the immediate vicinity of the Daimler plants in Sindelfingen and Böblingen.
The business park is the second property, for the recently launched European Industrial & Logistics fund. was acquired. Prior to this, a property in Karlsfeld near Munich was purchased. The fund invests in European industrial and logistics properties and has a target volume of around one billion euros. Beos is responsible for the acquisition, development and management of the fund properties. (ah)
