KanAm's Leading Cities Invest snaps up debut Austrian shed

KanAm Grund Group has acquired a last-mile logistics property in Enns, Austria, for its open-ended real estate fund, Leading Cities Invest.

Financial details were not disclosed.

Cross Dock Upper Austria, situated near the city of Linz, comprises almost 13,000 m2 of space. The seller is the Meir real estate group, headquartered in Austria. CBRE Austria assisted in closing the transaction as broker.

Said Sascha Schadly, managing director at KanAm Grund Group and fund manager of Leading Cities Invest, said: ‘We are really very pleased that we were able to buy the Cross Dock Upper Austria building and to add another logitics property to the Leading Cities Invest’s portfolio.

'Demand for logistics and industrial real estate continues to be high, and last-mile properties are particularly attractive. Investment in Austria provides a higher level of portfolio diversification.

'Linz is one of the three Austrian logistics hotspots, besides the cities of Vienna and Graz. Significant transaction dynamics and a high occupancy rate of currently 96.8% are evidence of the fund’s earnings power.’

Following the addition of the building, the fund’s logistics portfolio now consists of eight properties which account for nearly 8% of the real estate assets. Cross Dock Upper Austria is the fund's first Austrian property. The other seven logistics buildings are spread across central and northern Germany.

In March, the open-ended retail real estate fund purchased the light-industrial Lambda complex located near Chemnitz in Germany, with the long-term tenant, Diamant Fahrradwerke.

Taking advandtage of the postive market environment in Switzerland, the European headquarters building of Chiquita, situated on Lake Geneva in Switzerland, were sold at the beginning of June.

The latest acquisition boasts impressive credentials with regard to sustainability, with preparations made for charging stations at 24 truck parking spaces, and rooftop photovoltaics.

The building has a BREEAM certification of Very Good. To date, some 21 of the Leading Cities Invest properties, valued at around €889 mln in total, have been either certified or are currently undergoing the certification process. This represents a certification rate of more than 76 percent based on the total real estate assets of the investment fund.

E+H Rechtsanwälte provided legal advice on the transaction to KanAm Grund Group, while EHL Investment Consulting assisted the Group in commercial issues relating to the deal. Technical consulting services were offered by iC consulenten Ziviltechniker.

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