Baytree secures German development site
Baytree Logistics Properties has secured a strategic development site in the City of Magdeburg, central Germany, on behalf of clients of AXA Investment Managers.
It follows the previous acquisitions of development sites in Hannover and Leipzig, as favourable demand supply dynamics continue to support investment in the German logistics sector.
The site has a total area of 1.3 million sq ft (125,000 sqm) and Baytree plans to develop up to 619,000 sq ft (57,500 sqm) of Grade-A of logistics space suitable for either single or multiple occupiers. The site is designated as a GI zone, which have favourable provisions relating to noise pollution, providing occupiers with less restrictions around vehicle movements.
The Magdeburg transaction follows an active period for Baytree. In the past year four build-to-suit developments, totalling c. 150,000 sqm, have commenced in France and Germany, alongside new projects secured along strategic logistics corridors in France, Germany and the UK, where clear demand has been identified.
By Liza Helps