«Commerz Real just acquired a logistics project development on one of the last remaining plots at the Cargo City Süd logistics park located south of the Frankfurt Airport runways. The object is earmarked for its “hausInvest europa” open-ended real estate fund. The gross lettable area of the property, which is expected to be completed in the fall of 2010, covers about 23,000 sqm. A renowned international handling and freight forwarding company has already signed a forward commitment for a ten-year lease of the entire premises. The seller is a company owned by logistics developer Jürgen B. Harder. BNP Paribas Real Estate GmbH facilitated the transaction. The investment volume totals 43.3 million euros.
“Theshortage of floor space for logistics companies at Frankfurt Airport makes this an investment with long-term perspective beyond the existing lease,” said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisitions. “This is our second commitment at Frankfurt Airport now. We see considerable potential in this segment.”
As an integral component of Europe’s second largest freight airport, Cargo City Süd represents a prominent logistics hub for Germany, and a prime site for global forwarding and service companies. Each week the airport is frequented by 4,400 direct international flights and 210 cargo flights into 40 different countries7 (CS della Società).
