European property investor, developer, and asset manager Kajima is acquiring a 77,000 m2 greenfield site in Magdeburg, in the Saxony-Anhalt region of Germany, for an undisclosed amount.
The acquisition paves the way for the development of a new sustainable 32,000 m2 logistics building, Kajima said in a statement. The asset represents Kajima’s third logistics scheme in Germany alongside other sites in Hamburg and Dortmund.
The scheme will be developed to a high specification with a focus on sustainability, featuring solar panels on the roof, energy-efficient LED lighting, fossil-free heating via heat pumps, green roofs, bicycle parking, EV charging station and a dedicated wellbeing area. The project is targeting DGNB Gold certification from the German Sustainable Building Council.
In total, Kajima’s logistics portfolio features 1.4 million m2 of developments across key sites in Germany, France, Spain, Italy, Poland and the Netherlands.
The completion of the development is planned for the end of 2024.
Lucas Kester, investment manager at Kajima, said: ‘Magdeburg represents another strategic acquisition that aims to introduce more high-quality, sustainable space in a market facing limited supply and where occupiers have increasingly high ESG standards. The Magdeburg area alone faces a significant shortage of modern logistics space, and the burgeoning German market presents a significant opportunity for further expansion. We remain active in seeking strategic land acquisitions where there is an opportunity to increase our footprint in the markets where we already operate and across Western Europe.’
