Trammell Crow Company (TCC), a leading global developer and investor in commercial real estate, has acquired its first site in Germany and entered into an exclusivity agreement on another, marking the firm’s first Class A logistics projects in the country.
In an off-market transaction, TCC has acquired Neuruppin BF33, a greenfield site with a total area of 80,159 sq m in northwest Berlin. Purchased from BBF Projekt GmbH and Entwicklungsgesellschaft Temnitz (EGT Temnitzpark), the local economic development organization for Temnitzpark, the site will be transformed into a 41,173 sq m GLA logistics warehouse to accommodate up to four tenants. The project is scheduled to complete in Summer 2023.
In addition, TCC has entered an exclusive agreement with EGT Temnitzpark to acquire Neuruppin BF36, a greenfield site of 132,185 sq m in the same location, on which it will develop a 51,624 sq m facility with the ability to accommodate up to five tenants. The closing of the site purchase is expected in July 2022.
Trammell Crow Company takes actions to improve energy efficiency and environmental impacts while aiming for BREEAM Excellent certifications in its developments. Occupiers expected to be attracted to the spaces include those in the e-commerce, retail, FMCG, technology and 3PL sectors.
The sites are both located in the town of Neuruppin, which is part of the greater Berlin area and within the Brandenburg region, and are within a 30-minute drive from the German capital city. The sites are in the vicinity of the A24/B167 junction, meaning they benefit from direct access to the motorway that connects Berlin to Hamburg, Germany’s largest seaport by volume and the third largest container port in Europe. The land transactions are supported by RE develop GmbH, Munich.
Mario Sander, Head of Germany Logistics at Trammell Crow Company, said: “Boasting a prime location in proximity to Berlin and in the middle of the continent, this is arguably one of the best locations in Europe for logistics developments. In Germany’s extremely favourable logistics real estate market where there are rising rents, practically no vacancy, and a prime yield that has reached an all-time low, these sites represent a very positive investment opportunity. As we look to acquire similar sites in Germany, these first two acquisitions in the country set the tone for the kind of land we are seeking.”