Peakside Capital Advisors has acquired an 85,000-square-meter (914,932-square-foot) logistics site with an existing property as well as development land in Burgbernheim, located in the Nuremberg metropolitan area in Germany, from a private seller.
The exact purchase price was not disclosed, but Peakside said it was in the low two-digit-million-euro range. The asset will join the discretionary Peakside Real Estate Fund IV (PREF IV), from which Peakside plans to invest more than €1.2 billion ($1.3 billion) in value-add properties across Germany.
Peakside plans to modernize the existing multitenant building on-site according to modern ESG requirements and develop two additional logistics assets with 10,000 square meters (107,639 square feet) and 16,000 square meters (172,222 square feet) of gross leasable area, respectively. All tenants will remain on-site during and after renovation works. The roster includes BayWa, an agriculture, energy and construction group; ProLog