Logistics property specialists Verdion and Tritax EuroBox are partnering to speculatively develop a €29.9 million logistics property in Oberhausen in western Germany.
The 23,346 sq m project will utilise industrial wasteland and will include a 20,264 sq m ground floor logistics area as well as mezzanine and office space. The building can be sub-divided into four.
Tritax Eurobox will acquire the property and pre-finance development with Verdion acting as project developer.
The acquisition increases the Tritax Eurobox portfolio to 17 assets, eight of which are in Germany. The transaction is the second project that the two companies have jointly undertaken having completed a food distribution centre in Wunstorf near Hanover for HAVI in 2020.
“We are planning to further expand our presence on the German market, which is characterised by strong demand from tenants, low vacancy rates and a limited supply. All of these factors lead to rising rents,” said Alina Iorgulescu, assistant fund manager, Tritax EuroBox.
Construction will start as soon as the building permit has been granted; completion is scheduled for the end of 2022.