Peakside Capital Advisors, investing on behalf of its latest value-add German real estate fund, has acquired a 110,000sqm plot for a logistics project.
The manager has acquired the site in Mülheim-Kärlich near Koblenz for Peakside Real Estate Fund IV (PREF IV).
The asset was acquired from an unnamed private seller. Financial details were not disclosed.
Peakside said it expects to develop two properties with a combined 70,000sqm of space on the site.
Boris Schran, a managing partner at Peakside, said: “Demand for logistics properties remains high even in the currently challenging times – and that from investors as well as tenants. The deal highlights our ambition to further expand our logistics segment. For our discretionary PREF IV fund, we are planning to invest more than €1.2bn over the coming 24 months in Germany.”
Hendrik Wüsten, principal at Peakside, said: “Occupiers are still looking for Grade-A, sustainable and excellently connected locations that support efficient supply chains and are an attractive place to work.
“The project in Mülheim-Kärlich will tick all these boxes. In order to grow our portfolio, we are looking for further existing properties with development potential, for example in terms of ESG optimisation, as well as built and unbuilt plots for new developments with a minimum size of 20,000sqm in established as well as up-and-coming logistics hubs across Germany.
Frank Schäfer, a partner at Peakside, said: “Until the end of the year, we will have committed around 20% of PREF IV’s equity. Anticipating emerging market opportunities puts us in a comfortable starting position for the next year.
“Our manage-to-green strategy for existing buildings and developments will enable us, particularly in the logistics sector, to leverage our expertise in activating challenging projects.”
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