Global real estate investor Ivanhoé Cambridge has acquired its second logistics development project in Germany in partnership with developer and asset manager NVELOP.
The two companies announced in September that they would invest in logistics real estate opportunities in Germany together, from development to core-plus and as part of that partnership, acquired a 72,000 m2 brownfield logistics project in the Frankfurt market.
In the latest deal, Ivanhoé Cambridge has acquired a 48,000 m2 brownfield site in Velten, north-west Berlin, where it plans to develop around 25,000 m2 of modern and sustainable logistics space.
Construction is expected to start in mid-2023 for delivery in early 2024. NVELOP will act as development manager for the project and asset manager of the completed properties.
The site is located close to the A111 motorway, providing strategic access to the dense catchment areas of Tegel, Charlottenburg and central Berlin.
Christian Daumann, head of investments for Germany at Ivanhoé Cambridge, commented: ‘With this acquisition, we continue to reinforce our presence in the German market as an all-equity investor. We are pleased to team up with NVELOP to acquire our second logistics development project together.
‘Velten provides strategic access for customers seeking to service central Berlin and is a clear example of our ambitions in the logistics market to build a resilient and diversified portfolio across the European continent.’
Ivanhoé Cambridge purchased a major standing logistics asset in Hamburg in May this year. At the time, Daumann said: 'The growth of logistics is a major focus of our strategic plan, which aims, in particular, to triple the size of our logistics portfolio in Europe by 2025. We will therefore continue to build a resilient and diversified portfolio across the European continent.'