Singapore-listed Frasers Property‘s unit Frasers Property Industrial has sold a logistics property portfolio in Austria via a share deal to BNP Paribas Real Estate Investment Management (REIM).
Brokered by CBRE, the completion of the transaction sees BNP Paribas now holding 100% of the shares in the portfolio.
4Urban, which comprises of four logistics and warehouse properties, includes two properties located near Vienna Airport, an additional one in the vicinity of Vienna and one near Graz.
The properties total 71,000 sqm of space and a diversified tenant mix including FedEx/TNT Express (Austria) and, TLC Logistik Graz and Swissport Cargo Services Austria.
The divestment of 4Urban is in line with Frasers Property Industrial’s European expansion strategy, which focuses on making investments in the core markets of Germany and the Netherlands. Projects underway in the core region include the sustainable revitalisation of a brownfield project in Düsseldorf, The Tube, as well as the construction of KAN Logistics Park in Bemmel, the Netherlands. Other projects underway include the “CityLog Campus” logistics centre in Breda, the Netherlands, which is expected start construction in the first half of this year.
Alexander Heubes, Managing Director Europe of Frasers Property Industrial, comments, “The successful sale of ‘4Urban’ allows us to further focus our strategy on the target markets of Germany and the Netherlands in Europe, which presently comprises 56 properties. We are very pleased to have found in BNP Paribas REIM as the buyer for this Austrian portfolio.”
Isabella Chacón Troidl, CEO of BNP Paribas Real Estate Investment Management Germany, comments, “We thank Frasers Property Industrial for the exemplary collaboration. The fact that we can include these four Austrian assets in our portfolio is a good opportunity for us to expand our involvement in the logistics segment in Austria. ‘4Urban’ fits well into our European activities.