Verdion, Europe’s specialist logistics developer and investor, has commenced speculative construction of 161,500 sq ft (15,000 sq m) of Grade A warehouse space at Verdion Airpark, Berlin. The new project is being developed in partnership with funding partners, Rockspring Property Investment Managers LLP (“Rockspring”) on behalf of a discretionary fund, and completion is scheduled for 30th June 2016.
Three new high-quality units, each totalling 54,000 sq ft (5,000 sq m), will be available either individually or in combination, flexibly designed to suit the strong market demand from 3PLs, retailers and e-tailers seeking urban logistics space, accessible to both Berlin’s Airport and Berlin City Centre.
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 CEO Michael Hughes commented: “Verdion Airpark occupies an exceptional location for urban logistics, being close to Berlin City Centre and adjacent to what will become one of Europe’s most important airport hubs. The strength of tenant interest in Verdion Airpark Berlin underpins this new investment.”
Stuart Reid, Rockspring Partner overseeing Germany, said: “Our commitment to investing in this first speculative phase of Verdion Airpark in Berlin reflects our strong confidence in the location and the fundamentally sound growth prospects for Berlin. Through working closely with our partner Verdion, we are creating one of the best logistics parks in Germany which we hope will appeal to a range of occupiers.”
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 Paraxel, Dachser and Unitax and the completed investment was sold in 2014.