CGS signs deed for Hanover logistics centre

Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Germany's Commerz Grundbesitz Group, has signed the deed for the Aircargo Logistics Centre Langenhagen near Hanover, Germany,. The property is earmarked for the company's Euro Property 1 institutional property fund. The purchase price for the asset was approx. EUR 25 million, resulting in an initial gross yield against purchase price of 7.5%, CGS said.

Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Germany's Commerz Grundbesitz Group, has signed the deed for the Aircargo Logistics Centre Langenhagen near Hanover, Germany,. The property is earmarked for the company's Euro Property 1 institutional property fund. The purchase price for the asset was approx. EUR 25 million, resulting in an initial gross yield against purchase price of 7.5%, CGS said.

The Centre was sold by ALC Asset Management GmbH & Co. KG, an IMW-Immobilien AG property company. Completed in 1997 and expanded in 2001, the logistics property comes with about 15,300 m2 in logistics space and about 6,900 m2 in office space. The main tenants include Lufthansa, DHL, Kuhne & Nagel, and ABX.

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