Verdion, Europe’s specialist logistics developer and investor, has let 54,000 sq ft (5,000 sq m) of warehouse space at its new Verdion Airpark development in Berlin to international logistics services company Dachser. This is the first letting at the €90 million scheme, following the start of development in December 2015. The speculative development is being undertaken in partnership with a discretionary fund managed by Rockspring Property Investment Managers LLP (“Rockspring”).
Dachser, which employs around 25,000 people across 437 locations worldwide, already has a strong presence in Berlin having taken space in the adjacent scheme which has also been developed by Verdion. The logistics company, which generates €5.3 billion of revenue per annum, has leased the first unit within the initial speculative phase, comprising 161,500 sq ft (15,000 sq m) of Grade A logistics space.
As part of their development partnership, Verdion and Rockspring are currently constructing three new units, each totalling 54,000 sq ft (5,000 sq m). The units have been flexibly designed to the highest specification to meet the strong market demand from 3PLs, retailers and e-tailers seeking urban logistics space in close proximity to both Berlin’s Airport and Berlin city centre. Completion of the first phase is expected for 30th June 2016.
Verdion CEO Michael Hughes commented: “Our confidence in Verdion Airpark Berlin is underpinned by this first letting to Dachser, a world class supply chain company. We expect to see sustained occupier interest for our quality product in this perfect urban logistics location.”
Stuart Reid, Rockspring Partner overseeing Germany said: “Our commitment and confidence to invest speculatively with our partner Verdion on the edge of Berlin in Schönefeld has paid off with the swift letting of the first unit at Verdion Airpark. This is a quality product in a proven logistics location with strong growth prospects.”
Verdion Airpark, Berlin is located within two kilometres of the new Berlin Brandenburg Airport and adjacent to key road and rail infrastructure. The 990,300 sq ft (92,000 sq m) scheme will be delivered in phases, with both speculative and ‘built to suit’ opportunities for warehousing units ranging from 54,000 sq ft (5,000 sq m) to 430,000 sq ft (40,000 sq m). The development has an expected end investment value exceeding €90 million.
Verdion previously developed 500,000 sq ft (46,000 sq m) on the adjacent land, known as Air Link Park, in 2012/2013. This scheme was successfully let to occupiers including Dachser, together with Paraxel and Unitax and the completed investment was sold in 2014.
Notes to editors:
Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients – either directly for single-client accounts or through the Group’s series of tax-efficient, co-mingled investment funds. Rockspring is authorised and regulated by the FCA.
Fully independent and 100% owned by its Senior Management and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Budapest, Madrid, Paris as well as Client Services offices in Seoul, Sydney, and Washington, D.C. Its Executive Committee includes Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner – Finance).
Rockspring was established in 1984 by founder and Non – Executive Chairman, Richard Plummer.
As at September 2015 Rockspring had gross assets of €8.0 billion in funds under management and undrawn commitments. It represents a diverse client base including Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean III, IV, V, and VI, The Rockspring German Retail Box Fund, Rockspring UK Value Funds 1 and 2, and single client mandates. Rockspring’s property assets are currently located in the UK and 13 other European countries.