Hines has progressed further with its German logistics investment strategy with the acquisition of land for new development.
The international real estate firm, which plans to invest €400m in German logistics properties over the next two years, has bought two plots of land with a total area of 115,400sqm in Hamm in the state of North Rhine-Westphalia for an undisclosed amount.
Hines said it intends to build facilities with flexible floor plans, with a total of up to 68,900sqm of hall and office space and unit sizes starting at 9,000sqm. Construction is scheduled to start before the end of 2019.
Alexander Möll, senior managing director at Hines, said: “We want to continue developing logistics properties through innovations. To achieve that goal, we are currently exploring alternative timber-based modular construction methods as well as customized furnishings and facilities.
“For example, we plan to further upgrade the properties by providing sleeping quarters for drivers or fitness/sports facilities for all employees.”
Christian Meister, managing director at Hines, said: “With the purchase of the two sites in Hamm, we have acquired a top-quality space for the booming logistics industry in the eastern Ruhr district.
“This is a clear statement on our new growth ambitions in the logistics sector. We will now push ahead with the development of this location for a future sale in the market.”