24 June 2024
Frankfurt, 9 May 2023 – Peakside Capital Advisors AG („Peakside“) has acquired an 85,000 sq.m. logistics site with an existing property as well as development land in Burgbernheim in the Nuremberg metropolitan area from a private seller. The price was in the low two-digit-million-euro range. The asset will become part of the Peakside Real Estate Fund IV (“PREF IV“).
Peakside plans to modernise the existing multi-tenant building on site (Im Grund 2-4) in line with today’s ESG requirements and to develop two additional logistics assets with 10,000 sq.m. and 16,000 sq.m. of GLA, respectively. All properties can be flexibly configured, with units starting at 5,000 sq.m., and are equipped with water protection sheeting (WGK III). Peakside expects to start construction at the beginning of the third quarter. Renovation works are slated for completion in spring 2024, that of the new buildings towards the end of 2024.
Among the tenants in Burgbernheim, which will all remain on site during and after renovation works, are BayWa, an agriculture, energy and construction group, machine and plant construction specialist ProLogTec and IT and electronics online retailer KabelScheune. Peakside has already secured a new tenant: FOX Velution will move its headquarters into the existing building. The company develops, evaluates and industrialises eco-efficient solutions for particle foam processing in lightweight construction.
Peakside aims to reach a sustainability certificate of the highest level (DGNB Platinum) from the German Sustainable Building Council for the two new assets. Contributing factors will be the installation of solar panels on all roofs over logistics spaces, green roofs on the office parts and the installation of heat pumps for temperature regulation. The outdoor spaces will feature wildflower meadows, nesting aids and natural habitats which will not only strengthen the local ecosystem but also provide for high-quality spaces for employees on site.
Boris Schran, Managing Partner at Peakside, says: “We continue to expand our logistics portfolio in Germany as well as in Poland. The long-term drivers of the industry, such as the still growing online retail sector, a shortening of supply chain and increase in storage capacity, provide for attractive investment opportunities at established locations, even in difficult investment phases.”
Burgbernheim is close to Rothenburg ob der Tauber, on the A7 motorway which quickly links to the A3 in the North and the A7 in the South. Located between Nuremberg, Würzburg and Heilbronn, it is part of the Nuremberg metropolitan area which encompasses around 3.5 million inhabitants and is amongst the strongest economic regions in Germany.
Simon Lutz, Partner at Peakside, adds: “With the acquisition in Burgbernheim, we secured an asset with existing cashflow and significant value-add potential for our investors. As a brownfield with expansion opportunity, it is an ideal fit for the ESG strategy of PREF IV.”
For the discretionary PREF IV fund, Peakside plans to invest more than 1.2 billion euro in value-add properties across Germany.
In the transaction, Peakside was advised by Noerr (law) and HauckSchuchardt (tax). Immolox and Jolas Consult acted as brokers and have also been mandated to lease the assets.
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About Peakside
Peakside Capital Advisors AG is a European investment manager. The private-equity company manages assets worth over EUR 1.4 billion on behalf of institutional investors. Peakside implements differentiated investment strategies tailored to specific investor needs, ranging from core to value-add and opportunistic investments in commercial and residential assets and has in total acquired assets worth EUR 4.1 billion. Peakside’s investment spectrum includes single properties, developments as well as portfolios, distressed debt and real estate operating companies. The firm employs a team of more than 30 professionals in its offices in Frankfurt, Zug, Warsaw, Prague and Luxembourg.
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