Ivanhoé Cambridge is expanding its logistics portfolio in Germany with a second development project with NVELOP Real Estate.

The global real estate firm has acquired a 48,000sqm brownfield site in Velten, north-west Berlin in partnership with logistics real estate specialist NVELOP.

Ivanhoé Cambridge said it plans to develop a 25,000sqm logistics facility on the site. The project is expected to begin in mid-2023, with completion expected in early 2024. NVELOP will act as the development manager for the project and asset manager of the completed properties.

Back in September, Ivanhoé Cambridge said it formed a partnership with NVELOP to invest in logistics real estate opportunities from development to core-plus in Germany. At the time, the partnership acquired a 72,000sqm brownfield logistics development project in the Frankfurt market.

Christian Daumann, vice-president and head of investments in Germany for Ivanhoé Cambridge, said: “With this (Velten site) acquisition, we continue to reinforce our presence in the German market as an all-equity investor. We are pleased to team up with NVELOP to acquire our second logistics development project together.

“Velten provides strategic access for customers seeking to service central Berlin and is a clear example of our ambitions in the logistics market to build a resilient and diversified portfolio across the European continent.”

Artie Ioakim, co-founder and NVELOP’s CIO, said: “We are very proud to be partnering with Ivanhoé Cambridge to acquire our second development project together, in such a strategic location in north-west Berlin.

”We look forward to delivering a high-quality and sustainable project for Ivanhoé Cambridge, our customers and the community of Velten.”

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics

Related Companies