Ivanhoé Cambridge’s last-mile logistics real estate partnership with asset manager URBZ Capital has acquired an asset in Germany for an undisclosed sum.

Ivanhoé Cambridge said the asset, located in Karlsfeld in the immediate vicinity of Munich, comprises a total surface area of 12,570sqm, with approximately 4,500sqm of extension potential.

In December 2021, Ivanhoé Cambridge announced plans to invest up to €400m in northern Europe to target last-mile logistics real estate.

At the time, the C$69bn (€48bn) real estate subsidiary of the Caisse de dépôt et placement du Québec launched the new strategy and announced the acquisition of seven assets in the Netherlands worth €70m as part of the new partnership with URBZ.

Ivanhoé Cambridge said the partnership has so far acquired 21 properties, mainly in The Netherlands, Sweden and Germany.

Christian Daumann, VP and head of investments in Germany at Ivanhoé Cambridge, said: “We are very proud to complete this major transaction in the German last-mile logistics sector with our partner URBZ Capital. This deal allows us to accelerate the diversification of our last-mile portfolio and demonstrate our ambition in the German logistics market.

“Our last-mile strategy aims to anticipate structural market trends and to support new tenants’ needs linked to the rapid e-commerce growth: developing modern and low carbon facilities located close to cities to deliver urban customers faster.”

Ali Nassiri, co-founder and managing partner, URBZ Capital, said: “We are thrilled to add this trophy last-mile facility in this highly strategic location, close to the city centre of Munich, to our portfolio. This acquisition confirms our ability to access high-quality last-mile assets, allowing us to continue offering efficient and sustainable last-mile logistics solutions to our customers.

“We are looking forward to further upgrade the credentials of this premises through a renovation and expansion program while immediately kicking off the leasing of this facility in a very exciting market with virtually no vacancy.”

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