Patron Capital has partnered with light industrial developer and asset manager Inbright to acquire a 13,700sqm light industrial property for refurbishment in Norderstedt, Germany, for an undisclosed price.
Pan-European investment manager Patron, together with Inbright, said they plan to refurbish the asset in line with up-to-date ESG-led standards.
It is the fourth asset the partners have purchased in Germany in the last 18 months as part of their joint investment programme to build a portfolio of sustainability-focused light industrial and logistics assets in key locations in Germany and Portugal.
The Norderstedt property was previously used as a logistics subsidiary for shoe retailer Goertz until the end of 2024.
Patron and Inbright said the refurbishment will include installation of improved insulation, energy-efficient lighting and environmentally friendly heating technology.
Christoph Ignaczak, senior partner and investment director at Patron Capital, said: “Germany is a key market in Europe’s light industrial sector. With its location in the Hamburg metropolitan region, Norderstedt is ideally placed to meet increasing demand for flexible light industrial and last-mile logistics space.
“Through strategic investments of this kind, together with Inbright we are actively responding to market opportunities by delivering the Grade-A energy efficient space modern occupiers want. We will continue to build the JV’s portfolio in a targeted manner. With over €200m in investment capital, we are actively seeking additional properties in Germany’s light industrial sector with similar potential.”
Sebastian Pijnenburg, managing director of Inbright Development, said: “The combination of an excellent location, development potential and the opportunity to implement sustainable credentials made this property in Norderstedt an ideal candidate for our portfolio strategy. We look forward to transforming this asset to its full potential together with Patron Capital.”
The joint venture between Patron Capital and Inbright is aiming to build a diversified portfolio of sustainable light industrial and logistics properties with a value of €250m in economically strong locations in Germany. The joint venture is also operating in Portugal.
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