CBRE Investment Management has acquired off-market the 39,110 m2 Log Plaza logistics park in Grossbeeren, 25-minutes’ drive from Berlin city centre, on behalf of client Zurich Insurance Group Germany. The seller is a wholly owned subsidiary of Osmab Holding.
Financial details were kept confidential.
Log Plaza is located on a 75,250 m2 plot at An der Anhalter Bahn 2. It encompasses four units in two buildings with 37,315 m2 of logistics and 1,796 m2 of office and communal spaces. It also offers 64 parking lots for cars and five for lorries. Tenants include shipping company Weidler Spedition, pharma logistics provider Unitax-Pharmalogistik and overnight shipping company Innight Express Germany.
The park was built in 2018 and 2019 by developer Alcaro Invest. A photovoltaic facility for on-site electricity production will be added to the roof.
At the end of last year, CBRE Investment Management acquired the 158,510 m2 Airpark Berlin, a state-of-the-art logistics park only 30 minutes from the central Mitte district. The transaction marked Zurich’s first ever logistics investment.
Riccardo Cobianchi, head of Real Estate, Zurich Insurance Group Germany commented: 'The acquisition of Log Plaza marks Zurich's fourth investment in logistics in Europe and the second one in Germany. We expect the sector to outperform over the next few years driven by structural tailwinds, and, as part of our real estate investment strategy, we will continue to target properties in the logistics sector with strong sustainability credentials in core markets across Europe.'
'We are delighted to have partnered with Zurich on their second logistics acquisition near Berlin. New supply so close to the capital is extremely limited so that tenant demand for modern logistics properties such as Log Plaza continues to soar,' added Sebastian Ehrhardt, head of Transactions DACH, CBRE Investment Management.
CBRE Investment Management was advised by BNP Paribas Real Estate, CBRE (technical) and law firm Goodwin Proctor.
