Segro is to build a 2.5m sq ft business and industrial park near Berlin’s new international airport.
The listed property company today announced it has signed a partnership agreement with Berlin Airport Authorities to develop the 94-acre site in Schönefeld, near to the Berlin Brandenburg International Airport, (BBI) – which will be the only airport serving Berlin when it opens 2011.
Segro has paid €34m (£25.3m) for the site. A further €120m (£90) of investment is expected for construction and costs.
Expand our presence
‘A key objective for the group was to expand our presence in Germany outside our historical heartland in the Ruhr Valley and into new strategic locations with attractive business growth drivers,’ said Dr Udo Titz, Segro Germany’s general manger.
‘We have already made significant acquisitions in Frankfurt and in Munich which will now be complemented by this flagship investment in Berlin.
‘The German economy is currently performing strongly and we are confident of strong demand as Berlin continues to expand and grow.’
The site will be developed in three phases with the initial infrastructure work beginning in mid-2008.
Plans for the development include 926,000 sq ft of logistics park, 883,000 sq ft of flexible business space and 646,000 sq ft of offices and warehouse park.
An element of the space will be built speculatively – but most of it will be built to suit.