Real estate investor and developer Nrep, via its logistics development and management business Logicenters, has acquired a logistics site in Stuttgart, Germany alongside its joint venture partner Evolutiq.
Located within the Kornwestheim commercial district, the 23,000 m2 site is a prime location for a modern logistics facility. Closing of the transaction will take place in 2025.
The new 15,000 m2 logistics hub will consist of a 13,000 m2 flexible production and storage space, alongside offices and communal areas.
The building will be developed in accordance with best-in-class ESG criteria and is targeting DGNB Gold certification. Sustainable features will include photovoltaics, efficient heat pumps and green roofs and facades.
The site will become part of the joint venture’s existing portfolio of four sites and is due for completion by early 2027.
Wolfgang Ködel, head of Germany, Nrep, said: ‘We are delighted to announce yet another successful project in a sought-after location which suits a deep tenant pool.
‘Logistics continues to play a pivotal role in our strategic approach, as we deploy our proven knowledge and track record from this mature asset class in Germany. This project strengthens our portfolio and reaffirms our commitment to building a sustainable, modern logistics portfolio in the most attractive locations across Germany.’
Nicolas Rudzki, managing director of Evolutiq added: ‘Kornwestheim is an excellent and strategically advantageous location in the Stuttgart metropolitan region.
‘The swift and efficient execution of the transaction was only possible through the professional collaboration with our partner Nrep and the sellers, as well as the constructive and cooperative dialogue with the city’s representatives. We are delighted to expand our steadily growing pipeline with this attractive project.’
Martin Ohly, head of Logicenters, Germany said: ‘We are excited to start another great project with evolutiq. This project highlights Logicenters’ dedication to cutting-edge logistics properties that meet the needs of businesses in the region.’
