Prologis acquired a logistics facility of around 32,177 square meters in Worms, near Mannheim in the German state of Rhineland-Palatinate. The German real estate investment company Union Investment sold the property to Prologis. The facility on the 63,672 square meter site is fully leased and used exclusively by the Trans Service Team (TST) GmbH.
Ideal portfolio addition
“I am very pleased we are adding this attractive facility in a strategically good location to our portfolio to further drive our growth in Germany,” said Björn Thiemann, senior vice president, regional head Northern Europe, Prologis. “As the building is already 15 years old, we are planning a number of refurbishments in the coming years to align it with our high sustainability standards.”
In addition to sustainability upgrades, Prologis will install empty conduits at the property to enable customers to install charging stations for electric vehicles. A special feature of the facility is a long-term lease of the roof space to Evangelische Kirchen Zentrale (Protestant church headquarters) for the operation of a photovoltaic system.
Union Investment is also pleased with the agreement. “The current market phase poses various real estate challenges,” says Stephan Riechers, head of investment management logistics at Union Investment. “The successful sale of this logistics facility, which has been in our portfolio for many years, underscores the appeal and value of the asset class.”
The facility is in a sought-after logistics location in the Rhine-Neckar region, an important driver for the German economy, with excellent connections to the Rhine-Main economic region.
