Canadian real estate investor Ivanhoé Cambridge has acquired its second logistics development project in Germany in partnership with the logistics real estate specialist Nvelop.
Ivanhoé Cambridge acquired a 48,000 sqm brownfield site in Velten, north-west Berlin. The site is less than 3 minutes to junction 2a of the A111 motorway, providing strategic access to the dense catchment areas of Tegel, Charlottenburg and central Berlin in less than 30 minutes.
Ivanhoé Cambridge plans to develop approximately 25,000 sqm of modern and sustainable logistics space on the site. 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.
This acquisition follows Ivanhoé Cambridge’s announcement in September 2022 that it formed a partnership with Nvelop to invest in logistics real estate opportunities from development to core-plus in Germany and as part of that partnership, acquired a prime 72,000 sqm brownfield logistics development project in the Frankfurt market.
Christian Daumann, Vice President, Head of Investments, Germany, 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.”
Artie Ioakim, co-founder and Chief Investment Officer, Nvelop, added: “We are very proud to be partnering with Ivanhoé Cambridge to acquire our second development project together, in such a strategic location in north-west Berlin. We look forward to delivering a high quality and sustainable project for Ivanhoé Cambridge, our customers and the community of Velten.”