Valor Real Estate Partners has acquired a vacant 20,465m² urban warehouse property in Berlin Pankow, from a private vendor. It represents Valor’s latest acquisition in what is the most densely populated city in Germany, as it looks to grow its exposure in the fifth largest market for e-commerce globally. The asset comprises a 25,318m² industrial site alongside a 15,251m² undeveloped plot of land and is located on Buchholzer Strasse 47-54, 20 minutes drive north of Berlin city centre, with direct access to the A114/B109/B96a motorways.
The current warehouse building will be partly demolished and subsequently refurbished delivering a 12,090m² warehouse, split into two urban distribution units with four to six dock loading doors and one level access door per unit. In addition, a newly developed 6,148m² multi-purpose warehouse will provide four smaller units of 1,350m² to 1,615m², each with one dock loading and one level access door. The highly functional assets will accommodate future tenants in a market suffering from a lack of available high-quality products.
Camila Malzkorn, Vice President at Valor, said: “As one of the most dynamic e-commerce markets globally, we are excited by the urban logistics opportunity in Germany, especially around Berlin and other major cities, hence our ambition to significantly grow our footprint over the short to medium term. This acquisition is a strong fit with our portfolio and underlines our ability in identifying and acquiring assets in a competitive investment environment. The vacant warehouse is ideally located for last-mile delivery in critically undersupplied infill markets and offers potential to enhance value on the asset level through repositioning and leasing activity.”