FCR’s first logistics purchase of 44,000 sqm in Saxony
FCR Immobilien has acquired a fully-let distribution center in Zeithain, near Riesa in northern Saxony. The center is located on an approximately 70,000 sqm site and has over 44,000 sqm of lettable space, divided into two warehouse areas of approx. 33,000 sqm and 11,000 sqm. The property was built in 1965 and modernized in 2017. It is currently let, mainly to the industrial service provider Activatis. FCR’s annual rental income for the property is over €650,000; its WAULT is 3.7 years. This is FCR’s first purchase in the logistics segment. The company, however, plans to retain its investment focus on shopping malls and retail parks in Germany. FCR has acquired nine properties this year alone, with a volume of over €25mn, according to FCR CEO Falk Raudies, and more than €70mn still in the acquisition pipeline.
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