Logistics and industrial developer and investor Verdion has secured the purchase of a strategic site in Berlin, Germany for a 1 million sq ft (92,900 sq m) high-quality logistics scheme with an end value expected to exceed €85 million.
The 39 acre (16 hectare) site, to be known as 'Verdion Airpark Berlin', is strategically located within 2 kilometres of the new Berlin Brandenburg International Airport, projected to become one of Europe's busiest airport hubs by 2016.
Verdion 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 earlier this year.
Michael Hughes, CEO of Verdion, comments: "Verdion Airpark Berlin occupies an exceptional location adjacent to what will become one of Europe's most important airports. Our commitment to this location is underpinned by the forecast continued growth of both the airport and the wider Berlin economy. Having already successfully developed, let and sold the Air Link Park project next door, Verdion is confident of the merits and attraction of this new development."
Verdion Airpark Berlin will be developed in phases and will comprise up to 1 million sq ft (92,900 sq m) of high quality logistics warehousing, with units ranging from 54,000 sq ft (5,000 sq m) to 430,000 sq ft (40,000 sq m).
Hughes continues: "We are pressing ahead with a detailed building permit for the first 20,000 sq m and expect to start construction in Q1 of 2015."
Cushman & Wakefield and DeMorgan & Co acted for Verdion in the transaction.