PGIM launches German logistics development platform
PGIM Real Estate has launched a logistics development platform which will concentrate on opportunities in Germany and has already acquired two projects.
Omnidocks, which is led by Georg Thomas, formerly of Hillwood, is to be part of PGIM Real Estate’s closed-ended value-add fund European Value Partners (EVP) II and will focus on logistics developments in and around Germany’s top seven cities – Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf.
The initiative follows the launch of France-focused urban logistics platform Proxilog last year.
Omnidocks’ first two projects are in Rodgau near Frankfurt, where 12,000 sq m of lettable space will be completed by the end of the year, and Castrop-Rauxel near Dortmund where an 8,500 sq m urban logistics development is underway.
“We are convinced that the demand for high-quality logistics properties in attractive locations will remain structurally high in Europe over the next couple of years,” said PGIM Real Estate’s senior portfolio manager of European value-add strategy and head of France, Spain and Portugal Nabil Mabed. “Through creating targeted, independent development companies in growth markets — such as Omnidocks — we keep strengthening our market access, thereby creating potential for long-term alpha for our investors.”
He said that PGIM is convinced that the demand for high-quality logistics properties in attractive locations will remain structurally high in Europe over the next couple of years.
