US-headquartered real estate firm Hines has acquired two plots of land in Hamm, Germany, as part of a new strategy to develop logistics assets across the country.
Financial details were not disclosed.
The company said it would build a logistics complex comprising two halls on the 115,400 m2 site, with around 68,900 m2 of total lettable space, and units starting at 9,000 m2. Construction is scheduled to start before the end of 2019, and the project will be DGNB-certified.
'We want to continue developing logistics properties through innovation,' said Alexander Möll, senior managing director at Hines.
'To achieve that goal, we are currently exploring alternative timber-based modular construction methods as well as customised furnishings and facilities. For example, we plan to further upgrade the properties by providing sleeping quarters for drivers or fitness/sports facilities for all employees,' Möll added.
Hines launched the new investment strategy in Germany in March with the purchase of a logistics complex in Maintal in the state of Hesse. The company said it was planning to make capital investments of up to €400 mln in small to mid-sized logistics properties over the coming 18 to 24 months.
'With the purchase of the two sites in Hamm, we have acquired a top-quality space for the booming logistics industry in the eastern Ruhr district. This is a clear statement on our new growth ambitions in the logistics sector. We will now push ahead with the development of this location for a future sale in the market,' said Christian Meister, managing director at Hines.
Hines said it would pursue both a develop-to-hold approach and aim to sell the properties to market at a future date.
Financing is being provided by Hamburg Commercial Bank, while GSK in Munich provided Hines with legal advice. De Gold is advising Hines on development aspects.