Frasers Property Industrial (FPI), the logistics arm of Singapore-listed Frasers Property, has completed the acquisitions of a logistics development in Frankenthal and a greenfield development plot in Egelsbach, Germany.
Financial details were not disclosed.
The transactions complete the deal for a portfolio of 22 assets from Alpha Industrial Holding, previously announced in 2018.
The asset in Frankenthal is leased on a long-term basis to BASF SE, a publicly listed leading chemicals company headquartered in Ludwigshafen, Germany. Sitting on a 36,000 m2 land plot, it comprises a single, stand-alone warehouse including office and mezzanine space with a lettable area of 20,579 m2.
FPI will develop approximately 25,000 m2 of logistics space on the 51,000 m2 plot in Egelsbach, across two stand-alone warehouses. The firm said that the properties could cater to both logistics users and small and medium-sized enterprises with more specialised requirements when completed in the fourth quarter of 2020.
Reini Otter, FPI CEO said: 'These two acquisitions fortify Frasers Property Industrial’s position in the greater Frankfurt region and further enhance our exposure to core logistics properties in the German market.
'Our strategy in Europe is to continue acquiring and developing state-of-the-art logistics properties in our three core markets of Germany, the Netherlands and Austria.'