DGAP-News

IMMOFINANZ AG: IMMOFINANZ Group: subsidiary DLG sells logistics property in Vaihingen

DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal
IMMOFINANZ AG: IMMOFINANZ Group: subsidiary DLG sells logistics
property in Vaihingen

22.12.2014 / 09:47

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Deutsche Lagerhaus (DLG), a wholly-owned subsidiary of IMMOFINANZ Group,
has sold its logistics property in Vaihingen an der Enz, Germany, which was
jointly held with greenfield development to the Dutch company Geneba
Properties N.V. The sales price exceeded the book value, the transaction
took place as a share deal. The property is a proprietary development built
in 2013/14 as part of a joint venture (75% DLG, 25% greenfield).

"This transaction not only confirms the increased interest in logistics
assets in Germany and therefore the positive dynamics of this asset class;
the development and subsequently the rapid sale of the property in
Vaihingen are in fact a prime example of the functioning of our real estate
machine", says Eduard Zehetner, CEO of IMMOFINANZ Group. "IMMOFINANZ was
able to generate a substantial development profit with it regarding
building costs".

The liquid assets generated with the sale will be invested in the
development of new logistics properties in Germany, where DLG's position as
an important logistics player is to be expanded further.

The property sold is centrally located on a 71,535 sqm site at
Otto-Hahn-Strasse 10 in Vaihingen an der Enz in Southwest Germany. It has a
good connection to the German motorway system in all directions. There is
also a sufficient number of parking spaces for cars and trucks.

Construction began in July 2013 and was completed on schedule at the
beginning of 2014. The 44,456 sqm of total lettable space has been
allocated in its entirety to well-known logistics companies: DSV (30,539
sqm) operates a central warehouse for electric power tools (AEG Powertools,
Milwaukee); the company Dachser uses its lettable space (13,917 sqm) among
others for handling Tesa products.





On Deutsche Lagerhaus GmbH u. Co.KG
Deutsche Lagerhaus Gesellschaft (DLG) has a wide-ranging logistics
portfolio with a total of 23 locations in Germany. Of the 26 properties, 6
properties are in a port area. In Germany the logistics properties are
located in the Rhine-Ruhr, Rhine-Main, Stuttgart and Munich/Nuremberg
conurbations. DLG manages a standing investment portfolio totalling approx.
880,000 sqm of usable space, the land areas of which comprise approx. 1.5
million sqm. Its network of warehouse and logistics properties is located
in areas with very good transport connections and is partly multimodal. The
DLG logistic parks and halls were planned, developed and built to