ACQUISITION INCLUDES THE PURCHASE OF A 10,400 SQ M (112,000 SF) STABILIZED WAREHOUSE AND 17 ACRES OF LAND WHICH WILL BE PUT INTO DEVELOPMENT IMMEDIATELY.
FRANKFURT (August 11, 2015) – Gazeley (Brookfield Logistics Properties), a leading global investor and developer of logistics warehouses and distribution parks, has today announced the acquisition of a 17 acre site in Mannheim, Germany, capable of accommodating a 10,000 SQ M (108,000 SF) logistics warehouse. Gazeley is in the process of obtaining a building permit for the site to develop it into a multi-functional warehouse scheme suitable for logistics and light industrial use.
The deal also includes the acquisition of a 10,400 SQ M (112,000 SF) existing warehouse building let to a third party logistics provider on a long-term lease.
Speaking about the acquisition, Michael Gerke, Senior Development Director at Gazeley Germany, said: “We are very pleased to complete the acquisition of this strategic development site and existing warehouse asset, and to continue the expansion of our portfolio in Germany.
This combined land and property acquisition underpins our long-term strategy to identify stabilized assets and land for development in Class-A locations, to further expand the choice and availability of land and assets for our growing customer base.”
Also commenting on the announcement, Ingo Steves, Managing Director and Senior Vice President of Gazeley Germany and Head of Operations of Gazeley in Europe and China, said, “This acquisition once again highlights Gazeley’s expertise as property developer, investor and asset manager as we actively seek opportunities in key strategic markets across Europe.
This acquisition was the result of the strong local team knowledge and in-depth understanding of the sub-market and regional business connections, which resulted in us being able to secure a promising development opportunity and asset in a coveted location.
For further information please contact:
Gazeley Press Office Germany
T: +49 (69) 256 1299-11
Gazeley (Brookfield Logistics Properties) is one of the world’s leading investors and developers of logistics warehouses and distribution parks with 57 million square feet of premier assets under management and additional prime land sites to develop another 50 million square feet of distribution facilities near major markets and transport routes in North America, Europe and China. As part of Brookfield Property Partners, we belong to one of the world’s largest and most sophisticated owners, operators and investors in real estate.
For further information, please visit www.brookfieldlogisticsproperties.com
Brookfield Property Partners is one of the world’s largest commercial real estate companies with a goal of being the leading global owner, operator and investor in best-in-class commercial property assets. Brookfield’s diversified portfolio includes interests in over 130 premier office properties and over 150 best-in-class retail malls around the globe. Brookfield also holds interests in multifamily, industrial, hotel and triple net lease assets through Brookfield-managed private funds.
For further information, please visit www.brookfieldpropertypartners.com.