Real estate investor and manager Cromwell Property Group (“Cromwell”) has signed a new lease with logistics services provider Schmalz + Schӧn Logistik Gruppe for 13,204 sqm of warehouse space at the Frickenhausen, Siemensstrasse 11 asset in Germany. Cromwell secured the new lease on behalf of Cromwell European Real Estate Investment Trust (“CEREIT”).
With this lease agreement, the 36,791 sqm asset, mainly comprising a single-storey warehouse with a two-storey office annex and a three-storey office building, is now fully let.
The Siemensstrasse industrial park is located in a strategically important area south-east of Stuttgart and close to the city Nürtingen, which has excellent access to regional and national transport links and is home to several blue-chip businesses in the textile, engineering and pharmaceutical sectors.
Dominik von Radecke, Senior Asset Manager at Cromwell, said: “To have attracted a major logistics company at the Frickenhausen, Siemensstrasse 11 industrial park demonstrates the growing strategic importance of this location in relation to movement of goods throughout Germany and further afield to other parts of Europe.”
Frickenhausen, Siemensstrasse 11 is owned by CEREIT, a real estate investment trust with a portfolio of 75 properties used primarily for office, light industrial / logistics, and retail purposes, in Denmark, France, Germany, Italy, as well as the Netherlands. CEREIT’s portfolio has an aggregate lettable area of approximately 1.2 million sqm and has an appraised value of approximately €1,390 million as at 30 June 2018.