The development of the 23,346 sqm logistics asset in a prime location of the Rhine-Ruhr region will be undertaken by pan-European industrial and logistics real estate specialist Verdion.
The project will utilise a brownfield site and include a 20,264 sqm ground floor logistics area as well as mezzanine and office space. The building can be sub-divided into four. The acquisition increases Tritax's portfolio to 17 assets, eight of which are located in Germany. The development is the second of three projects that Tritax and Verdion have undertaken jointly. Both partners have committed to aligning their buildings with strict ESG criteria. DGNB certification in gold is being sought for the property as a minimum standard. Completion is scheduled for the end of 2022.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel and associate Raphaela Schmidt as well as transaction lawyer Isabella Strauß. At the London office, partner Henry Moss and senior associate Suzannah Varey were involved (all Real Estate).
Verdion was advised by Orrick (Dr Hans Felix Schäfer). The seller was advised by Goerg (Dr Wolf zur Nieden).
The Tritax group is a leading logistics real estate fund manager with assets under management of approximately £5.8bn. Ashurst has previously advised Tritax on several European real estate logistics acquisitions.
