Rockspring Property Investment Managers, on behalf of an in-house discretionary fund, has completed the purchase of 16 hectares of fully serviced logistics development land immediately north of the current Schönefeld airport in Berlin, Germany.
The €13.5 million land transaction has been undertaken in partnership with the logistics and industrial developer, Verdion. Rockspring will provide full equity funding for the development of the proposed approx. 92,900 m² high quality logistics scheme, which is expected to have an end value exceeding €85 million, while Verdion will develop and market the VERDION AIRPARK logistics park.
Located within two kilometres of the new Berlin Brandenburg Airport, which is currently under construction, VERDION AIRPARK will be developed in a number of phases and will comprise logistics warehousing units ranging from 5,000 m² to 40,000 m². Detailed permitting has commenced and completed units are scheduled to be delivered from 2015 onwards.
Verdion has previously developed the adjacent 46,000 m² Air Link Park, where tenants include Paraxel, Dachser and Unitax. Marketing of the VERDION AIRPARK will commence shortly.
Stuart Reid, partner overseeing Rockspring Germany said: “This transaction reiterates Rockspring’s commitment to Berlin and our belief in the growing importance of strategic logistics sites in Germany which benefit not only from strong regional access, but which are also with easy reach of the city and airport. With Berlin’s projected growth and Berlin Brandenburg Airport expected to become one of Europe’s busiest airport hubs on opening, we consider this site to be one of the best in the region.”
Michael Hughes, CEO of Verdion, commented: “VERDION AIRPARK occupies an exceptional location adjacent to what will become one of Europe's most important airports. Our commitment to this location is underpinned by the continued growth forecast for both the airport and the wider Berlin economy.”