PATRIZIA AG has sold Schönefeld Airpark, a newly developed logistics park in Berlin, Germany, to CBRE Global Investors.
PATRIZIA acquired the site, which is located 1 km to the north the new Berlin Brandenburg Airport in Schönefeld, in 2014 and has constructed more than 80,000 sq m of lettable space across four phases alongside development partner, Verdion Group. The units range in size from 5,000 sq m to 20,000 sq m.
The logistics park in Berlin is multi-let to seven tenants including Dachser logistics and Bringmeister, the food delivery service of Edeka. PATRIZIA’s asset management team carried out leasing activity in conjunction with Verdion and achieved full letting on the completion of each speculative phase over the development. The final phase was completed in Q4 2020.
“Together with our development partner we have created a significant Grade A logistics hub that has validated our conviction for a speculative development in an area that now benefits from the opening of Berlin’s new airport. Our expert asset management team successfully leased this space as it came on-line and we are pleased to crystallise returns on behalf of our investors that significantly outperform our business plan for this asset,” said Stuart Reid, Managing Director of Real Estate Development at PATRIZIA.