Germany based GARBE Industrial Real Estate has acquired two logistics assets in Vienna on behalf of an institutional investor.
The logistics assets in Vienna, which have a combined plot size of 103,000 square metres, consist of two warehouses plus two smaller office buildings.
The lettable area of the assets, which are located on Warneckestrasse in Simmering, the 11th district of Vienna, add up to around 47,000 square metres overall, with logistics facilities accounting for about 40,000 square metres thereof. Head tenants are the Austrian logistics firms Q-Logistics and Quehenberger. The weighted average unexpired lease term (WAULT) equals 6.6 years.
The two parties to the contract agreed not to disclose the selling price.
“The logistics properties in the south-east part of Vienna occupy an excellent location and have outstanding trimodal connectivity to water, rail and road transportation. Moreover, Vienna Airport is around nine kilometres away via the motorway, and thus within easy reach. Due to the lease agreements, an inflation-indexed and therefore permanently stable cash flow is in place that could be increased through additional new lettings and modernisation measures.” Daun added: “Vienna is Austria’s most important logistics cluster. At the moment, keen demand for logistics facilities coincides with short supply. This implies upside potential for further rent hikes. Accordingly, we consider Vienna’s logistics market to be very interesting in general,” said Jan Philipp Daun, Head of Investment Management at GARBE Industrial Real Estate.