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LIP Invest, one of the leading providers of logistics real estate special funds in Germany, has successfully handed over the extension of a logistics property in the Lower Franconian district town of Haßfurt to GF (formerly Uponor). The expansion made it possible to keep the long-standing tenant at the location in the long term. For the fund, the improved letting situation means stable cash flows and a sustainable increase in the value of the property.
As part of an active asset management approach, around 9,500 square meters of additional logistics space were realized. This will increase the total lettable area to around 31,000 square metres. The property will remain fully let even after the expansion. The property, which was built in 2015, was acquired by LIP Invest as the tenth property for the special fund "LIP Real Estate Investment Fund – Logistics Germany".
An area of almost 10,000 square meters, previously used as an external warehouse, offered considerable development potential. LIP Invest identified the tenant's additional space requirements at an early stage and implemented the expansion in close cooperation with GF, the project developer bauwo and the general contractor Goldbeck.
"This project exemplifies our active management approach: We recognize potential, develop logistics properties in a targeted manner and thus create added value for tenants and investors alike," says Alexander Decker, authorized signatory and Director Asset Management at LIP Invest.
With this expansion, GF is further developing the logistics site in Haßfurt into its central European distribution center. The company operates several production facilities on site and uses the property for the storage and distribution of heating, sanitary and air conditioning products. The location is part of the Würzburg/Schweinfurt logistics region and benefits from late "cut-off times", which means that Germany-wide delivery on the next working day is possible even for late orders.
