Global real estate giant Tishman Speyer has inked a deal for two logistics sites in Düsseldorf, Germany. The properties have been acquired from May & Co in an off-market deal.
The sites sit at the heart of the RhineRuhr region, which includes Germany’s fourth largest airport. The properties are located in Düsseldorf Heerdt and Ratingen within the Düsseldorf region and have a total plot area of 60,000 m2. Both sites are approximately five minutes away from the nearest motorway.
As a result of the deal, Tishman Speyer plans to develop two buildings with a total of approximately 36,000 m2 state-of-the-art, ESG-compliant, distribution space. Both sites are fully permitted, and development is anticipated to commence before the end of 2024. Construction is expected to be completed by the end of 2025.
Source: PropertyEU 19 Sep 2024