New distribution center in Bülach nearing completion
Credit Suisse Real Estate Fund LogisticsPlus
The CS REF LogisticsPlus real estate fund is expanding the Bülach logistics park with a new state-of-the-art logistics building.
Only three and a half years after completion of the last property, a UPS parcel distribution center, another new building is being constructed in the Bülach logistics park to replace the old logistics facility from 1966. "In the case of new acquisitions, more and more industrial properties are being acquired due to the market situation – but this fund is acquiring cutting-edge logistics properties through internal development of existing stock. The Bülach logistics park is no exception," explains Sascha Paul, fund manager of CS REF LogisticsPlus. "The fund also focuses on sustainability standards in its own project developments and was able to pre-certify the development project in Bülach to DGNB Gold standard," continues Sascha Paul.
The two-story goods distribution center will house modern office and ancillary rooms. It will cover an area spanning 17,700 m2 and is located in the immediate vicinity of the freeway and Zurich airport. A finalized rental agreement has been concluded with Fiege AG as the sole tenant for ten years.
Major project realized in just 22 months
Major project realized in just 22 months
In order to put the logistics building into operation as quickly as possible, it is being built at a rapid pace: Construction began on October 1, 2022, and should be completed by August 1, 2024. It will therefore take just 22 months to build the facility. The project will use the elemental method, a construction system in which prefabricated components and modules are assembled according to the modular principle. This will allow for individuality and flexibility despite the systematic "mass production" nature of the construction method.
"During planning and implementation we always attach a great deal of importance to offering a high degree of third-party usability – and this project was no different. For example, although we've decommissioned the existing railway siding as the new tenant doesn't currently need it, this is only temporary, so it can be easily put back into operation at a later date if required," explains Sascha Paul.
More information on the DGNB (Deutsche Gesellschaft für nachhaltiges Bauen – German Sustainable Building Council).
Key takeaways:
Key takeaways:
- The logistics building has a planned investment volume of CHF 39.3 million
- The gross yield is 5%
- Realization of a modern logistics center through internal development of existing stock
- Completion in just 22 months using the modular principle
- Rental agreement for ten years with a single tenant
Sascha Paul
Fund Manager since 2017
Daniel Brüllmann
Head of Real Estate DACH
Urs Fäs
Head of Portfolio Management/ Listed Funds CH
Ulrich Braun
Head of Investment Foundations CH
Oliver Müller-Känel
Head of International & non-listed Products CH and RE-DA
Matthias Jäger
Head of Acquisition & Disposition CH
Nicki M. Weber
Head of DACH Investment Sales Specialists