Peakside Capital Advisors has acquired a 110,000 m2 plot for a logistics development in Mülheim-Kärlich near Koblenz, Germany from a private seller.
Financial details were not disclosed.
The site, with excellent connections to the A3, A48 and A61 motorways, is situated north of Koblenz, between the Rhine-Main and the Rhine-Ruhr regions. Two Grade-A, sustainable properties with a combined 70,000 m2 of space will be developed on site in two construction phases until the end of 2024.
Said Boris Schran, managing partner at Peakside: 'Demand for logistics properties remains high even in the currently challenging times – and that from investors as well as tenants.
'The deal highlights our ambition to further expand our logistics segment. For our discretionary PREF IV fund, we are planning to invest more than €1.2 bn over the coming 24 months in Germany.'
The acquisition was made on behalf of the Peakside Real Estate Fund IV (PREF IV). The building application will be submitted before the end of 2022.
Peakside expects the earthworks, which are already well underway, to be completed before the end of the first quarter of 2023 and the issue of the building permit by the end of the second quarter 2023.
Hendrik Wüsten, principal at Peakside, added: 'Occupiers are still looking for Grade-A, sustainable and excellently connected locations that support efficient supply chains and are an attractive place to work.
'The project in Mülheim-Kärlich will tick all these boxes. In order to grow our portfolio, we are looking for further existing properties with development potential, for example in terms of ESG optimisation, as well as built and unbuilt plots for new developments with a minimum size of 20,000 m2 in established as well as up-and-coming logistics hubs across Germany.'
Frank Schäfer, partner at Peakside, said: 'Until the end of the year, we will have committed around 20% of PREF IV’s equity. Anticipating emerging market opportunities, this puts us in a comfortable starting position for the next year.
'Our manage-to-green strategy for existing buildings and developments will enable us, particularly in the logistics sector, to leverage our expertise in activating challenging projects.'
Peakside was advised by Noerr (legal) and HauckSchuchardt (tax).
