Terryn GmbH (Terryn), a joint venture between the investment and asset manager URBZ Capital, which specialises in industrial real estate, and the investment management company NW1 Partners, is expanding into the German market. The specialised investment platform for Industrial Outdoor Storage (IOS), which is already active in the Netherlands, aims to bundle the currently highly fragmented European IOS market into a scalable, institutional platform and to build a diversified portfolio with a total investment volume of around EUR 500 million based on integrated expertise, market knowledge and services. The starting point is a starting portfolio with five properties. The long-term goal is to develop Terryn into a pan-European IOS platform.
The focus is on strategically located properties in urban infill locations as well as established industrial and logistics clusters. Terryn examines both direct acquisitions and sale-and-leaseback transactions. The platform is usually looking for plots of land with a size of around 10,000 to 100,000 m² and above and a transaction volume of 5 million to 50 million euros per property.
"We see IOS as a significant and so far highly fragmented segment of European logistics and industrial infrastructure. From our point of view, the asset class offers an attractive investment opportunity at the intersection of real estate and essential infrastructure. With Terryn, we aim to develop and consolidate this market institutionally by building a pan-European portfolio of strategically located locations that are central to the daily operations of their users. Germany is a very important market in this regard. This is where we are creating the foundation for the platform and building a strong local team under the leadership of Peter Wenzel," says Ali Nassiri, Co-Founder & Managing Partner of URBZ Capital.
"Through our nearly eight years in the IOS sector in the US, we have seen first-hand how a fragmented market can evolve into an institutional real estate segment. We believe Europe is still at an earlier stage of this development and has many of the characteristics that have made IOS an attractive investment opportunity in the US. Terryn combines this experience with local European expertise, creating an institutional platform focused on building a leading pan-European portfolio and creating long-term value for investors," says David Boyle, Co-Founder & Managing Partner of NW1 Partners.
Operational infrastructure as an investment segment
Industrial Outdoor Storage refers to functional commercial properties with a high proportion of open space that are required for the daily operations of companies in the logistics, transport, construction, industrial and energy sectors. These include, for example, depots and warehouses, parking and storage areas, workshops as well as storage and transhipment locations. For Terryn, the investment case lies in the operational importance of these locations, their limited availability in established economic regions and the highly fragmented ownership structure.
Peter Wenzel leads the development in Germany
Peter Wenzel will take over the operational management of Terryn in Germany as Managing Director. Wenzel has around 20 years of experience in the institutional real estate business. Most recently, he led M7 Real Estate Germany GmbH for more than four years. Previously, he worked for RLI Investors for over five years, most recently as Managing Director. Other professional positions include PGIM Real Estate and GLL Real Estate Partners.
"Germany offers attractive conditions for the development of Terryn: a large industrial and logistics market, scarce space required for operations and at the same time a highly fragmented ownership structure. We want to specifically acquire sites that are of central importance for the daily processes of their users. In doing so, we can offer our tenants a long-term perspective and our investors value appreciation potential," says Peter Wenzel, Managing Director of Terryn.
Terryn recently opened an office in Frankfurt, which serves as the platform's German headquarters. Under the leadership of Peter Wenzel, a dedicated local team is currently being built. In addition to a new Asset Management Director, further positions are to be filled; the corresponding recruiting processes are already underway.
