Pan-European logistics and industrial development platform Baytree Logistics Properties, launched by AXA Investment Managers (AXA IMRA) in 2015, will develop an up to 30,000 m2 logistics development in Hannover, Germany, on a build-to-suit basis.
Representing Baytree's first development project in Germany, the site has been purchased by Logistics Development Club, a fund managed by AXA IMRA.
'This new development project represents a significant milestone for Baytree as we expand our activities into one of Europe’s largest logistics markets and is in line with our ambition to build a market-leading pan-European logistics platform,' commented Rabih Modad, managing director of Baytree Logistics Properties. 'We look forward to progressing this project and marketing it to those potential occupiers who will benefit from its strategic location and excellent transport links.'
Baytree plans to develop up to 30,000 m2 in a single Grade-A logistics warehouse on the brownfield site, to include office space and storage in mezzanine. The site is zoned for industrial use and Baytree is proceeding with the demolition of existing structures on site.
According to Baytree, Hannover is the sixth largest logistics occupier market in Germany, with the current prime vacancy rate estimated at just 4%. The company said it intended to grow its presence in Germany through new development of logistics sites in locations underpinned by a demand/supply imbalance.
'The logistics and industrial sector remains attractive, being supported by structural changes in the way consumers and businesses operate, driven by e-commerce,' said Laurent Jacquemin, European head of Transactions at AXA IMRA. 'We will continue to look for logistics development investment opportunities such as Hannover, in order to deliver value for our clients.'
