16 Jul 2020
COLOGNE, 16 JULY 2020
Frasers Property Industrial has secured a long-term lease with the Cologne-based REWE Group for approximately 34,000 sqm in Duisburg. The leased logistics property is the second phase of a project development started in 2017, now comprising a total of circa 80,000 sqm of rental space along the A42 motorway. Construction originally started on a speculative basis and will be handed over in Q3 2020 despite numerous hurdles in the wake of COVID-19. As a long-term owner, Frasers Property Industrial will also take over property management for the user.
Alexander Heubes, Managing Director Europe, Fraser Property Industrial, said: "We are pleased that we were able to let the property in Duisburg to a renowned user like REWE Group on a long-term basis even before its completion and despite the challenging market environment. With the new space in Duisburg, we are offering REWE the opportunity to expand its storage and distribution capacities for goods that have become more relevant and higher in demand in the wake of the COVID-19".
Telerik Schischmanow, REWE Group Management Board Member, said: "With the new warehouse location we are expanding and consolidating our capacities in international goods procurement. With the commissioning of the new warehouse space, REWE Group is now strengthening its logistics chain to meet the growing demand for direct imports from Europe and Asia.”
The capacities in Duisburg are sufficient for around 80,000 pallets. The use of modern warehouse technology enables a very high level of efficiency. Up to 50 new jobs will be created at the Duisburg location.
Patrick Frank, Head of Asset Management, Frasers Property Industrial, adds: "The decisive factors for our client were the central location of the site in the Rhine-Ruhr metropolitan region and the direct proximity to Duisburg Port and the A42 motorway. We are very pleased to welcome REWE as a new tenant in Duisburg.”
The activities of Frasers Property Industrial in Duisburg underline the strategy of customer centricity through active development of new properties and provision of strategic asset management. Since entering the German market in 2017, Frasers Property Industrial has built up a portfolio of more than 50 industrial and logistics properties in Europe, which generate sustainable, stable rental income.
Logivest, Cologne, acted as letting agent.