LIP Invest, leading investment manager for Logistics Real Estate in Germany, acquires a recently built distribution centre for one of its logistics funds from developer Scannell Properties.
Upon completion, the new building in Kitzingen, technology park conneKT 38, was rented to the logistics service provider BLG Logistics.
LIP secured the property in an off-market transaction with Scannell Properties, who is also the seller of the real estate property. During the acquisition process, LIP was supported technically by albrings+müller, legally by REIUS, by Ebner Stolz in tax and by ES EnviroSustain in the ESG due diligence.
On a 32,200 square meter property, 6,000 square meters of outdoor space and a logistics property with a total rental area of 19,000 square meters were built by Scannell Properties. The hall area of 16,400 square meters can be divided into two separate units and is supplemented by 1,600 square meters of mezzanine and 1,000 square meters of social and office space. The floor load amounts to 5 tons per meter with a floor height of 12 meters. 18 ramp gates, two of which are equipped with jumbo dock levellers, as well as two ground-level access gates are provided for the delivery. The property offers 52 parking spaces for cars, 5 for trucks and 40 covered bicycle parking spaces.
Scannell Properties built the property in Kitzingen, east of Würzburg, on a speculative basis. Upon completion, the developer rented it out to BLG Handelslogistik, a subsidiary of the BLG LOGISTICS Group. Here, the logistics service provider is processing its logistics contract for Puma. The distribution centre is suitable both for contract services to supply the regional industry and for logistical processes in the growing online business. The tenant benefits from the late cut-off times in this region: Thanks to the central location within Germany, shipments can be accepted late and still be delivered on the next day. In view of the many advantages of the location, Scannell Properties will develop further real estate projects on neighbouring properties.
“The Kitzingen Technology Park is designed for a 24/7 use. This enables parcels to be distributed briefly, especially since DHL operates a distribution centre in the north of Kitzingen. There, shipments can be fed into the German parcel network particularly fast. The new building is also very well connected to the motorway network with the A3 and A7 and is characterized by the quick accessibility of the surrounding metropolitan areas, such as the Rhine-Main area or Nuremberg”, says Bodo Hollung, Managing Director and partner of LIP Invest.
The nearby port of Würzburg or the Nuremberg Airport also offer multimodal transshipment options.
Geoffrey Pizzanelli, Head of Capital Deployment in Europe for Scannell Properties, describes the sold property: “We have identified Kitzingen as a promising future location right in the heart of Germany, where we have plans to develop several buildings. As the German and European logistics market continues to boom and the race to secure space shows no sign of slowing, this project was initially planned on a speculative basis. Due to its first-class connections and modern, sustainable features, the building was successfully let prior to sale and therefore offers LIP Invest a secure, long-term investment. We would like to thank all the partners involved for their cooperation in bringing this project to a successful completion.”
Twenty percent of the property is unsealed. It is bordered by a circumferential strip of green, which is cultivated on the south side by a shepherd with his flock. A lizard habitat has also been established here. The logistics property is heated by local heating from the combustion of wood chips, a renewable raw material. Therefore, the primary energy requirement is lower than with conventional heating methods. In addition, LIP will install a photovoltaic system on the roof to generate regenerative energy. There are several e-charging points for cars and bicycles available. The building received a DGNB Gold certification.