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ADLER Real Estate AG sells Duisburg logistics project
28/07/2008 – Corporate News
- Successful development
- Funds now available for new projects
Hamburg, 28 July 2008. ADLER Real Estate AG, Hamburg, has successfully sold a project which was acquired together with a partner only last year. The Logistik Zentrum Duisburg-Nord project was purchased by ProLogis Group, which will take possession of the project in August. The parties agreed to maintain confidentiality with respect to the purchase price.
ADLER Real Estate AG acquired the property last year, together with the Munich-based project developer THG Real Estate, with the intention of developing the pro-ject itself, with ADLER holding a majority interest in the project. On a plot of land of about 126,000 m², an optimally designed logistics center was planned, with over 60,000 m² of warehouse space. The site boasts an ideal location, in close proximity to Duisburg harbor, Europe's largest inland port, and the Duisburg North highway interchange. The buyer of the Logistikzentrum Duisburg-Nord project will complete development of the center and make it available to long-term users or operators. The site and the demand for logistics space available immediately have improved so much in recent months that the parties opted for an early sale.
The sale will generate a profit for ADLER Real Estate, freeing up considerable funds, which will now be available for reinvestment. KnightFrank was responsible for brokering the sale of the project and the contract negotiations were handled for ADLER by the law firm of Latham & Watkins.
About ProLogis: ProLogis is the world's largest owner, manager and developer of distribu-tion facilities, operating in 121 markets in North America, Europe and Asia. The company owns, manages and develops assets valued at USD 38.8 billion over a total of 48.8 million m² in space, including 2,817 facilities (as of 31 March 2008).
About ADLER Real Estate AG: ADLER Real Estate AG is a company with a great deal of expertise in the development and sale of profitable real estate projects. It focuses on the management of commercial properties (Asset Management), steadily maximizing the value of both its own and third-party properties. ADLER also acquires properties for its own port-folio and develops projects. Its goal in all real estate investments is to free up funds and exploit profit potential. After careful consideration, promising real estate projects are launched, and new and profitable concepts are quickly implemented. Hence, ADLER Real Estate AG aims to strategic partnership if major projects occur.
If you have any questions, please contact:
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
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share price
0,552 € (09.09.2010)
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