Sonar Real Estate (Sonar) has agreed a long-term lease to Volkswagen Original Teile Logistik GmbH & Co. KG Development GmbH of a logistics property, totalling approximately 21,250 sq m, in Fritzlar, Hesse. Sonar acted as the asset manager for the property, which is part of the portfolio of the EPISO 5 fund managed by Tristan Capital Partners (Tristan).
The property located at Giessener Straße 81 and is well connected to the German national road network through its proximity to the B 450 federal highway and the A 49 motorway. Approximately 95 percent of the 21,250 sq m property is allocated to storage and logistics space, and 5 percent to offices. The facility was built in 1976 and sits on a spacious plot of approximately 43,000 sq m. The property has undergone multiple modernisations and renovations, most recently this year, in line with the requirements of the new tenant.
Holger Hosang, one of the managing directors at Sonar, commented, “This deal confirms that through active asset management, even in a challenging market environment, large-scale leases are possible. It requires understanding the tenants’ needs and the expertise to revitalise existing properties and reintroduce them to the market, as we have done in Fritzlar. Additionally regional networking is crucial to stay in tune with market dynamics. It is through this approach that we have been able to attract a renowned tenant like Volkswagen Original Teile Logistik and achieve success for the fund and its investors.”
The EPSIO 5 fund advised by Tristan received legal advice from Ashurst LLP and technical guidance from Theil Concept during the contract negotiations. Logivest acted as the brokerage firm representing the property owners.
