The manufacturer had already sold around 130,000sqm a year ago to VGP, which will turn the space into a new industrial and commercial park.
A corresponding purchase agreement was signed by both companies. VGP is now planning to use its combined acquired space to establish “an innovative, sophisticated office and technology quarter” in the Rhine-Neckar metropolitan region, in close cooperation with Heidelberg.
The total areas of Heidelberg and VGP at the site will be combined to form the new HEI-TECH industrial park, the first construction measures of which are scheduled to take place as early as next year.
"We are delighted to be able to take the next step in the development of our HEI-TECH industrial park in Wiesloch-Walldorf with VGP," said Heidelberg CEO Rainer Hundsdörfer, who is stepping down next April.
“For us, it is crucial that new, forward-looking developments are now being created quickly and visibly in our industrial park with modern commercial and industrial uses – with qualified, good jobs for people in the region and synergies with Heidelberg's capabilities.
“The industrial park is another component of our successful transformation into a technology company. In addition, more efficient use of space at Heidelberg will save us considerable costs in the future.”
VGP is headquartered in Belgium and operates 94 industrial parks across 12 European countries.
VGP CEO Jan Van Geet said: "We are very pleased that we have succeeded in acquiring this unique property. In close and trusting cooperation with the seller [Heidelberg] and the responsible parties of the cities of Wiesloch and Walldorf, we were able to realise the acquisition very quickly.
“We plan to strategically realign the site and develop a modern industrial and commercial park here for long-term tenants from a variety of sectors. In this way, we want to make a sustainable contribution to the creation of new jobs and the economic development of the region.
"Sustainability and energy efficiency are key parameters for the properties developed by VGP. These aspects will also play a central role in the development in Wiesloch-Walldorf.”
The project marks a further milestone in Heidelberg’s planned site and structural optimisations at the Wiesloch-Walldorf site, which covers a total area of around 840,000sqm. Of this, more than 200,000sqm will be remarketed with VGP.
Wiesloch-Walldorf is about nine miles south of the town of Heidelberg. The site incorporates Heidelberg’s printing press factory and corporate HQ as well as its customer demonstration centre for commercial and packaging printing, and its Innovation Center. Nearly 5,000 staff currently work at the site.
Heidelberg will achieve a purchase price “in the mid double-digit million-euro range” and the transaction is scheduled to be completed in financial year 2022/23.
Heidelberg has also completed a string of other asset sales over the past 18 months including its UK site in Brentford, its flagship Print Media Academy building in the heart of Heidelberg town, and several business units including the CERM narrow web MIS developer, its Belgian chemicals businesses BluePrint Products and Hi-Tech Chemicals, and its Bavarian software business Docufy.
Heidelberg’s share price dropped by around 3.8% in early trading this morning (20 December) to €2.54 but had rallied slightly to €2.61 at the time of writing.
