Nordic urban developer and investor Urban Partners, through its Nrep real estate investment strategy, has acquired a 37,000sqm logistics development site in Germany in a new joint venture with HIH Invest Real Estate.
Nrep’s logistics development and management business Logicenters is investing an unspecified amount on behalf of the Nrep Nordic Strategies Fund V fund to acquire the asset in Herten with Hamburg-based manager HIH Invest.
The logistics hub is already nearly 50% pre-let and construction is due to commence in the second quarter of 2025, with delivery scheduled for the third quarter of 2026.
Once completed, the former brownfield site will offer a total of 36,821sqm of lettable space, including 33,416sqm of logistics facilities, 1,153sqm of offices, and 2,252sqm of mezzanine space.
The newly created Nrep and HIH Invest joint venture plans to grow its portfolio by capitalising ready-to-develop and part-pre-let logistics assets in key German locations, the companies said.
Wolfgang Ködel, head of Nrep Germany, said: “The prime logistics property market in Germany is characterised by limited supply, even more so when it comes to sustainable and flexible space. Our partnership with HIH Invest is complementary to our existing strategies to capitalise on this opportunity and strengthen our German market presence.
“By combining our expertise in developing best-in-class logistics centres with HIH’s asset management capabilities, we can unlock substantial value through these development projects.”
Felix Meyen, managing director of HIH Invest, said: “We are familiar with the needs and requirements of the users of the rental properties, and we are in a strong position to respond quickly to realise increases in value. In the current market environment, there are attractive opportunities in selected developments.
“Thanks to our broad network and our extensive asset management expertise, we have the ideal set-up to realise increases in value.”
Martin Ohly, head of Logicenters Germany, said: ‘We are delighted to partner with HIH Invest and launch our first project in Herten which is strategically located in a well-connected industrial area.
“This joint venture reflects our commitment to developing state-of-the-art, energy-efficient logistics properties that meet a wide range of tenant requirements.”
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