Frankfurt, 16 September 2020. CBRE Global Investors has agreed a new 15-year lease for a 16,100 sq m logistics asset in Bingen-Grolsheim in the Rhineland-Palatinate district of Germany with Amazon.
Located approximately an hour away from Frankfurt, the asset was originally constructed as a cold storage cross-dock warehouse. Prior to taking occupancy in late 2020, Amazon will complete a comprehensive refurbishment of the asset to create a modern delivery station, including the construction of additional car parking spaces, facilities and break rooms for staff.
The 41,800 sq m site is located in the Bingen am Rhein & Grolsheim commercial and industrial park, benefitting from direct access to the A61 motorway and the regional and national transport network.
“We have seen a growth of demand in online shopping during the pandemic, accelerating a trend that was already driving demand for high-quality and well-located logistics assets across Europe. Working with a well-known tenant such as Amazon is a strong endorsement of our strategy to acquire and operate best-in-class logistics assets in key markets, and we look forward to welcoming them in the latter part of this year.” says Tore Gehres, Head of Asset Management Logistics at CBRE Global Investors.
Marije Braam-Mesken, Portfolio Manager at CBRE Global Investors added: “With this excellent letting we provide, on behalf of one of our separate account clients, a secure income for the next 15 years.”
CBRE Global Investors is a leading investor and operator in the European logistics sector, with an AUM of €10.37bn*, a rental area of 6.97m sq m across 11 countries, and a focus on delivering exceptional investment performance.
*As of June 30 2020
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $109.6 billion in assets under management* as of June 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.