GARBE Industrial Real Estate Buys Two Logistics Properties in Vienna-Simmering for Institutional Investor
Hamburg, 14 July 2020 – GARBE Industrial Real Estate GmbH, one of the leading specialists for logistics and industrial properties in Germany, just acquired two logistics assets in Vienna on behalf of an institutional investor. The properties, which have a combined plot size of 103,000 square metres, consist of two warehouses plus two smaller office buildings.
The lettable area of the assets, which are located on Warneckestrasse in Simmering, the 11th district of Vienna, add up to around 47,000 square metres overall, with logistics facilities accounting for about 40,000 square metres thereof. Head tenants are the Austrian logistics firms Q-Logistics and Quehenberger. The weighted average unexpired lease term (WAULT) equals 6.6 years. The two parties to the contract agreed not to disclose the selling price.
Jan Philipp Daun, Head of Investment Management at GARBE Industrial Real Estate, commented: “The logistics properties in the south-east part of Vienna occupy an excellent location and have outstanding trimodal connectivity to water, rail and road transportation. Moreover, Vienna Airport is around nine kilometres away via the motorway, and thus within easy reach. Due to the lease agreements, an inflation-indexed and therefore permanently stable cash flow is in place that could be increased through additional new lettings and modernisation measures.” Daun added: “Vienna is Austria’s most important logistics cluster. At the moment, keen demand for logistics facilities coincides with short supply. This implies upside potential for further rent hikes. Accordingly, we consider Vienna’s logistics market to be very interesting in general.”
Both properties on Warneckestrasse were acquired within the framework of an asset deal. Aside from the close proximity to the airport in Schwechat, two inland ports, Freudenau (1.9 kilometres away) and Albern (2.2 kilometres) are easily accessible. The properties are located inside a trading estate. One of the plots benefits from a unique characteristic: It is the only plot of this sizes in the area surrounding the ports that is not encumbered with a building lease, ground lease or structural easement. The neighbourhood is defined by properties of the use types warehouse and light industrial. Consultancy during the transaction was provided by the off-market estate agent Motherland while the law firm Wolf Theiss acted as legal adviser.