Union Investment has divested a logistics property at Langgewann 2 in Worms, Germany.
The logistics property, which comprises around 32,177 m² of leasable space, was acquired by Union Investment as a project and had been part of the portfolio of the institutional mutual fund UniInstitutional European Real Estate since 2007.
The parties have agreed not to disclose the purchase price.
With Trans Service Team (TST) GmbH as the sole occupier, the property was fully let throughout the holding period. One of the special features of the property is the long-term lease of the roof space by the Evangelische Kirchen Zentrale for the operation of a photovoltaic system.
The property is located in a sought-after logistics location in the Rhine-Neckar region with excellent connections to the Rhine-Main economic region.
”The sale was made for portfolio strategic reasons: The property is significantly below the average lot size of the other UniInstitutional European Real Estate properties,” said the company.
“During the holding period and through the completed sale, the property was able to generate important value contributions. The sale provides us with additional liquidity scope to further develop the portfolio in a targeted manner through new acquisitions,” says Carsten Thiel, Head of real estate mutual funds at Union Investment.
“The current market phase brings with it various real estate challenges. The successful sale of the logistics property, which has been in the portfolio for many years, underlines the attractiveness and value of the asset class,” says Stephan Riechers, Head of Investment Management Logistics at Union Investment.
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