Verdion lets speculative space at Lohfelden logistics park
Verdion has leased a third building at its Lohfelden logistics park on the outskirts of Kassel, Germany, to Winkler Logistik GmbH.
The commercial and agricultural vehicle business has agreed an 8.5-year lease for the speculatively-developed building, which includes 6,676 sqm of warehousing plus a 711 sqm mezzanine and 558 sqm of offices, and is set for completion in September this year.
Verdion acquired the park for €28 million in February 2021 as an opportunity for its Verdion European Logistics Fund 1 (VELF 1), which focusses on value-add assets in strategic locations. In addition to land available for this new development, the 58,307 sqm site included three existing buildings, one leased to a specialist thermoplastic extrusion business and two leased to Winkler Logistik GmbH. As part of the recent transaction, Winkler Logistik GmbH has regeared its existing lease, which expires in 2026, to be coterminous with its new lease.
The park is situated on Otto-Hahn-Strasse in the Lohfelden logistics hotspot on the edge of Kassel and is strategically located on the A7 highway in Central Germany – the country’s longest autobahn and an important north-south route.
Florian Stöbe, Verdion Head of Investment – Germany said: “This deal is a good reflection of our value-add activity in practice – creating more high quality, income-generating warehousing within a defined footprint. With capital to deploy, our appetite for similar value-add or brownfield opportunities continues, and we remain committed to an extensive programme of speculative development in response to strongmarket demand.”
Valerie Setz, Asset Manager at Verdion, added: “Recent expansions at our assets in Gallin and now in Lohfelden demonstrate the importance of working closely with existing occupiers to expand and regear their space to optimise efficiency. Being able to provide more modern, more sustainable facilities through good asset management can be enormously valuable to companies who need expansion space without disruption or relocation.”