Arrow Capital Partners has announced the acquisition and forward-funding of a 15,700 m2 business park development in Falkensee, a municipality neighbouring Berlin in Germany.
Arrow has acquired the site for its €3 bn Strategic Industrial Real Estate (SIRE) platform and will be working with Panattoni, the industrial real estate developer, to secure planning consent and build the site which is intended to be ready for occupation during 2022. The site was previously owned by a private investor.
The new business park will have six units and a total letting space of 11,100 m2 for storage, office and flexible accommodation.
'This investment strengthens SIRE’s position in European industrial and logistics assets which are benefiting from the trend towards online retail and in which Arrow intends to invest €700 mln in Germany alone over the next three years,’ said Danilo Hunker, partner and head of Germany at Europe at Arrow.
He added: 'This also underpins our aim to establish a recognisable proportion of built-to-let properties within the SIRE mandate. Falkensee is superbly located, and we look forward to developing the site with Panattoni to deliver a best-in-class asset in a supply-constrained market.’
Arrow was advised by BNP Paribas Real Estate in this transaction.
