Trammell Crow Company (TCC) has announced the acquisition of its first site in Germany.
In an off-market transaction, TCC has acquired Neuruppin BF33, a greenfield site with a total area of 80,159 m2 in northwest Berlin. Purchased from BBF Projekt and Entwicklungsgesellschaft Temnitz (EGT Temnitzpark), the local economic development organization for Temnitzpark, the site will be transformed into a 41,173 m2 GLA logistics warehouse to accommodate up to four tenants. The project is scheduled to complete in Summer 2023.
In addition, TCC has entered an exclusive agreement with EGT Temnitzpark to acquire Neuruppin BF36, a greenfield site of 132,185 m2 in the same location, on which it will develop a 51,624 m2 facility with the ability to accommodate up to five tenants. The closing of the site purchase is expected in July 2022.
The sites are both located in the town of Neuruppin, which is part of the greater Berlin area and within the Brandenburg region.
Mario Sander, head of Germany Logistics at Trammell Crow Company, said: ‘Boasting a prime location in proximity to Berlin and in the middle of the continent, this is arguably one of the best locations in Europe for logistics developments. In Germany’s extremely favourable logistics real estate market where there are rising rents, practically no vacancy, and a prime yield that has reached an all-time low, these sites represent a very positive investment opportunity. As we look to acquire similar sites in Germany, these first two acquisitions in the country set the tone for the kind of land we are seeking.’
