European real estate investor Blackbrook is adding 59,000sqm of logistics space to its German portfolio via a sale and leaseback.
Blackbrook acquired a 31,000 sqm facility in Thuringia, Germany, for an undisclosed sum. The facility sits on a 97,000sqm site, and Blackbrook plans to expand it by adding a 28,000sqm logistics space, with completion expected in the second quarter of 2025.
Nvelop Real Estate will act as development manager for the project.
Jon Strang, managing director of Blackbrook, said: “Thuringia’s central position within Germany, combined with competitive occupational costs, makes it a highly attractive choice for occupiers who wish to benefit from excellent transport links providing access to the entire German population.
“It is an ideal location for central distribution centres, and we are very excited to bring a newly developed facility to meet the growing demand for industrial space in Germany.”
Arvi Luoma, co-founder and CEO of Blackbrook, said: “Working with top-tier industry peers is central to our growth strategy across Europe. With that in mind, we’re pleased to deepen our relationship with Nvelop, following our prior investment into a 24,000sqm logistics development in the Rhine-Neckar region.
“This transaction builds upon our existing portfolio of highest-quality logistics facilities across Europe, and particularly in core markets such as Germany. We continue to focus on delivering best-in-class assets to address the shortage of future-proof supply chain infrastructure across Europe.”
Artie Ioakim, co-founder and CEO of Nvelop, added: “Building on our partnership with Blackbrook, we look forward to delivering another high-quality logistics facility to the German market. Developing sustainably is a core philosophy of Nvelop and is a mindset shared by Blackbrook, so we are pleased that the new development has been designed to achieve the highest DGNB certification of Platinum.”
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