Peakside Capital Advisors has acquired a 110,000 sqm plot to develop two logistics properties in Mülheim-Kärlich near Koblenza, Germany from a private seller.
By the end of 2024, two state-of-the-art and sustainable logistics properties with approx. 70,000 m² of rental space are to be built there in two construction phases.
The company purchased the land on behalf of the Peakside Real Estate Fund IV (PREF IV). The building application will be submitted in 2022.
Peakside anticipates that the groundwork already underway will be completed by the end of Q1 2023 and planning permission will be granted by the end of Q2 2023.
Mülheim-Kärlich is located north of Koblenz, between the Rhine-Main and Rhine-Ruhr areas. The Koblenz freight traffic center is only 6 kilometers away, and the Rhine port of Koblenz is less than 10 kilometers away.
Boris Schran, Managing Partner at Peakside, said: “Even in the current turbulent market environment, demand for logistics properties remains high – both on the investor and tenant side. The transaction underscores our ambitions to further expand our logistics division. For our discretionary PREF IV, we are planning to invest a total of over EUR 1.2 billion in Germany over the next 24 months.”
Hendrik Wüsten, Principal at Peakside, added: “Users continue to look for state-of-the-art, sustainable and excellently connected locations that can map efficient supply chains and an attractive workplace. The development in Mülheim-Kärlich offers all these possibilities. For further growth, we are looking for existing properties with development potential, for example as part of ESG optimization, as well as developed and undeveloped plots of land for new construction from a size of approx. 20,000 m² in established and up-and-coming logistics locations throughout Germany.”
Frank Schäfer, Partner at Peakside, sayid: “By the end of the year we will have invested around 20% of the subscribed capital for our PREF IV, which puts us in a comfortable starting position for the coming year in view of the market opportunities that are emerging. Especially in the logistics area, with our manage-to-green strategy for existing properties and new developments, we can ideally contribute our experience in activating challenging projects.”
Peakside was advised on the transaction by Noerr (legal) and HauckSchuchardt (taxes).