Union Investment acquires Fiege logistics development in Switzerland
1 Hamburg-based Union Investment Real Estate GmbH recently added to its European logistics portfolio with the acquisition from BNP Paribas Leasing Solutions Immobilien Schweiz AG of a 30,740-square-metre distribution centre in Oftringen, Switzerland, some 60 kilometres west of Zurich. The facility was built in 2008 by Fiege Logistik Schweiz AG, which has a 10-year lease on the logistics centre, with an option to extend. “Its position at the heart of Europe makes Switzerland an excellent location for investment in logistics properties,” Philip La Pierre, head of investment Europe at Union Investment, said in a statement. Union Investment placed the asset with its institutional open-end real estate fund, UniInstitutional European Real Estate.