Germany's Catella Real Estate has inked a deal for a fully-let logistics property in Redwitz near Lichtenfels, Upper Franconia, for its Germany-focused fund Catella Logistik Deutschland Plus.
The 15,000 m2 logistics centre is situated in Dr. Ludwig Vierling Str. 7 and is leased to logistics service provider JCL Logistics, which focuses on furniture distribution.
The property comprises 14,300 m2 of storage and 600 m2 of office and social space on a 36,000 m2 plot.
It is centrally located between the cities of Coburg, Bayreuth and Kulmbach in Upper Franconia, and benefits from the vicinity of key roads including the A73, the A9 and A70 motorways, plus rail connections. There is also a main port in Bamberg with a connection to Germany's inland waterways.
Wolfgang Holzberger, head of logistics management at Catella Germany said: 'With the properties in Cologne Lind, Gottenheim, Bocholt and now Redwitz, we were able to connect four logistics properties with a total of almost 50,000 m2 to the Catella Logistik Deutschland Plus fund.
'According to our assessments, the existing property in Redwitz has a lot of potential. On the one hand, the Redwitz location is becoming increasingly important due to the general demand for cheap and modern space, on the other hand the property is in very good condition and has a high level of building variability and expansion options.
'We are now looking forward to further developing the property with our active asset management over the next few years, especially in the area of sustainability.'
Catella Real Estate received legal advice on the acquisition from Glock Liphart Probst, tax advice from wts and technical advice from Arcadis. Logivest Stuttgart brokered the acquisition.