AEW has entered into a forward funding agreement on behalf of LOGISTIS, its specialist pan-European logistics strategy, for the development of Hanover Urban Park, a circa 100,000m² prime urban logistics and business park scheme on the outskirts of Hanover, Germany.
Hanover Urban Park will comprise a total of 101,664m² of Grade A logistics space across nine big box units starting at 9,000m² and 18 light industrial units starting at 1,700m². A 9,200m² logistics unit has been pre-let on a 10-year lease to a French cable and optical fibre producer. The project will be delivered in two phases, with the first phase due to complete in early 2024.
The Park, which will target DGNB ‘Gold’, will be developed to a high specification including clear floor to ceiling heights of up to 12 metres and loading capacity of 7t/m². A smart metering system will be installed across the asset, with additional sustainability features including LED lighting, rainwater recycling and PV solar panels. EV charging and bicycle storage will also be created in addition to outdoor spaces with a focus on biodiversity.
Located in Hanover’s city limits, in the industrial zone of Brink-Hafen, Hanover Urban Park is ideally located between the city centre (6km away) and the airport (8km) and benefits from access to the local motorway network (2.5km). Kabelkamp underground station is situated approximately 400 metres away from the Park, as well as two bus stations.
Ludovic Bernini, Fund Manager of LOGISTIS at AEW, commented: “Hanover Urban Park presents an opportunity to develop a sizeable, prime logistics and business park in an outstanding urban location close to Hanover city centre, growing our presence in a thriving area of the northern German logistics market. This micro location presents a favourable context for development with a lack of modern, high quality supply. We continue to take a selective approach to investments on behalf of LOGISTIS and remain confident in the resilience of the European logistics market, where we continue to see continued strong demand, which is feeding through to rental growth.”
