Union Investment plans to spend around €60 mln on redeveloping the Meister Areal retail park in Nuremberg, Germany, into an urban logistics hub.
The 100,000 m2 site on Virnsberger Strasse will host a new logistics facility spanning over 20,500 m2 and a local supply centre for residents and employees in the area.
The project aims to be nearly self-sufficient in terms of energy supply, and has already secured a long-term lease with German supermarket chain Edeka Group.
Union Investment, the current property owner, will finance the redevelopment through its open-ended UniInstitutional German Real Estate fund.
Sven Lintl, head of Asset Management Germany at Union Investment, said: ‘After an intensive planning period of around two years, we are delighted to be launching a forward-looking and particularly sustainable concept for this established and excellently connected location. With the new Meister Areal, we are creating a range of commercial space from the existing stock that perfectly meets the consistently high demand from logistics companies in the Nuremberg metropolitan area for years.’
The building permit application has been submitted to the city of Nuremberg and is anticipated to be approved in early 2025.
Union Investment aims to create a logistics and commercial hub that is nearly self-sufficient and minimizes reliance on fossil fuels. To achieve this, the project will incorporate renewable energy solutions such as an air heat pump for heating and a large-scale photovoltaic system on the green roof. A green facade and extensive landscaping, including hedge and tree planting, will create a more environmentally friendly environment.
The redevelopment of Meister Areal will be carried out in four distinct phases. The project commenced in October with the demolition of existing, unused buildings, including the Real market (approximately 20,000 m2) and a beverage market. The entire project is expected to be completed in stages throughout 2026 and 2027.
