Long term leases with DSV Solutions, Dachser and Volkswagen AG following acquisition
Amsterdam - Geneba Properties N.V. (“Geneba”) announces the acquisition of two new properties in Germany with a total leasable area of over 60,000m². The properties are located in Vaihingen an der Enz and Isenbüttel and let to DSV Solutions, Dachser and Volkswagen AG respectively.
In Vaihingen, Geneba acquired a recently developed state of the art property of 44,456m², let to two multinational logistics companies under long-term lease agreements. The larger part of the asset is let to DSV Solutions GmbH & Co. KG, which is part of DSV, a global supplier of transport and logistic solutions. DSV facilitates Techtronic Industries (“TTI”) EMEA which runs its European distribution hub from the location. The second tenant in the Vaihingen location is Dachser GmbH & Co. KG, which is another leading European logistics provider. The asset serves as the European distribution center for Tesa AG, market leader of self- adhesive materials. The acquisition of the Vaihingen property is supported by Bayerische Landesbank, branch Düsseldorf, as the sole senior lender.
In Isenbüttel, Geneba acquired a newly developed, state of the art, logistics and light industrial building fully leased to Volkswagen AG on a long-term basis. The light industrial warehouse property (15,588m²) is used for the supply of technical parts to the Volkswagen plant in Wolfsburg. Volkswagen AG is part of Volkswagen Group, one of the world’s leading automobile manufacturers and the largest carmaker in Europe. The company will use the newly developed light industrial location in Isenbüttel for axle production to ensure the supply for the Golf, Sportsvan and Touran production. The property is designed to meet Volkswagen’s operational needs. This transaction is accompanied by Deutsche Hypo, Hannover, as the sole senior lender.
The German acquisitions are in line with Geneba’s strategy to improve the portfolio and to grow it into a more sizeable and diversified property base. In the roll-out of this strategy, the company invests incommercial assets – logistics and light industrial buildings - that serve key industries of the Dutch, German and Scandinavian economies, such as the car, other manufacturing, high-tech, energy, pharma, engineering and logistic industries as basis for their successful businesses.
Wulf Meinel, CEO of Geneba on the acquisitions: “These acquisitions are an important step in the execution of our strategy. We believe that the underlying economic fundamentals in Germany are sound and stable, and the assets are of excellent quality. The underlying businesses of Volkswagen, DSV and Dachser are sound with solid outlooks. By adding these assets to our portfolio, we improve the diversity of the tenant and portfolio base.”
Vaihingen an der Enz
The Otto Hahnstrasse 10, a 71,535 m² site, is centrally located in Vaihingen an der Enz, which is situated between Stuttgart and Heilbronn in South West Germany, and is one of the most prosperous regions of Germany. The state of the art property was developed by Greenfield Development in cooperation with Deutsche Lagerhaus and has been completed early 2014. Property developer Greenfield Development remains as minority shareholder and will be responsible for the property management in the future. It provides a total leasable area of 44,456m², divided among DSV (30,539m²) and Dachser (13,917m²). The location is well connected to the German motorway system in all directions.
The property is located on Am Krainhop in Isenbüttel, a small village which is located 14 km from Wolfsburg, 20 km from Braunschweig and 80 km from Hannover. The site consists of 35,308m² with a leasable area of 15,588m² (excl. open space). The facility was developed by LogProject Development GmbH and delivered late 2014. It has truck access and loading docks on the ground floor for approximately 8 trucks on each side of the large part. The property consists of a logistics hall as well as office space and is well connected to the German motorway system.
Geneba Properties N.V. is a European commercial real estate company, incorporated in 2013 and based in Amsterdam, the Netherlands. The company manages a property portfolio consisting of long-term leased commercial real estate in Germany, the Netherlands and the three Baltic countries.
Geneba's investment focus is on Corporate Real Estate assets which serve its tenants as operational basis. The main targets are logistics, light industrial and office buildings in Germany, the Netherlands and Scandinavia. Geneba’s shares are traded at NPEX. Geneba is subject to the supervision of the AFM.