Logistics: Zurich invests again in the Berlin area
Zurich Insurance Group has acquired a logistics park near Berlin. It is the Group's fourth logistics investment in Europe and the second in Germany.
The new acquisition is the 39,110 sqm Log Plaza logistics park in Großbeeren near Berlin. CBRE Investment Management acquired the property in an off-market transaction for Zurich Group Germany. The seller is a subsidiary of Osmab Holding.
The logistics park consists of four units in two buildings with 37,315 sqm of logistics space and 1,796 sqm of office and shared space, and also offers 64 car and five truck parking spaces. According to CBRE, tenants include Weidler Spedition, Unitax-Pharmalogistik and overnight logistics provider Innight Express Germany. The property has been developed by Alcarao Invest between 2018 and 2019. It also meets sustainability aspects, including charging stations for electric cars and bikes and a photovoltaic system on the roof. Log Plaza is part of the Grossbeeren freight village (GVZ) and is directly connected to a main road leading to Berlin city centre and the A10 ring road.
For Zurich, the purchase of Log Plaza is its fourth logistics investment in Europe and the second in Germany. Riccardo Cobianchi, Head of Real Estate at Zurich Insurance Group Germany, says he expects the asset class to continue to develop positively in the coming years due to structural trends. "As part of our investment strategy, we continue to target sustainable logistics properties in core European markets."
According to Sebastian Ehrhardt, Head of Transactions DACH at CBRE Investment Management, new space so close to the capital is "extremely rare", so rental demand for modern logistics properties like Log Plaza is immense. CBRE Investment Management previously acquired the 158,510 sqm Airpark Berlin, a newly developed logistics park 30 minutes from Berlin-Mitte, for Zurich in late 2020. At the time, it was the first logistics investment ever for the insurer. (ah)
