Terryn GmbH, a joint venture between URBZ Capital and NW1 Partners, is expanding its activities into the German market. URBZ Capital is an investment and asset manager specialising in industrial properties, while NW1 Partners operates as an investment management company. The investment platform for Industrial Outdoor Storage (IOS), already established in the Netherlands, aims to consolidate the European IOS market and build a diversified portfolio with a total investment volume of around 500 million EUR. This will be achieved through integrated expertise, market knowledge, and corresponding services. The market entry is being made with an initial portfolio of five properties.
In the long term, Terryn is intended to develop into a pan-European IOS platform. The focus is on strategically located properties in urban-infill areas as well as in established industrial and logistics clusters. Terryn is considering both direct acquisitions and sale-and-leaseback transactions. The company is looking for plots of land ranging from approximately 10,000 to 100,000 square metres with a transaction volume of 5 million to 50 million EUR per property.
Ali Nassiri, Co-Founder and Managing Partner of URBZ Capital, stated that IOS represents a significant and hitherto highly fragmented segment of Europe's logistics and industrial infrastructure. In his view, the asset class offers an attractive investment opportunity at the interface of real estate and essential infrastructure. He further explained that Terryn aims to institutionalise and consolidate this market by building a pan-European portfolio of strategically located sites that are central to the daily operations of their users. Germany is a very important market in this regard, where the foundation for the platform is being laid and a local team built under the leadership of Peter Wenzel.
Operational Significance and Market Potential
Industrial Outdoor Storage refers to functional commercial properties with a large proportion of open space. These are required for the daily operations of companies in the logistics, transport, construction, industrial, and energy sectors. Examples include operational and storage yards, parking and marshalling areas, workshops, and storage and transhipment sites. For Terryn, the investment case is based on the operational significance of these locations, their limited availability in established economic regions, and the highly fragmented ownership structure.
David Boyle, Co-Founder and Managing Partner of NW1 Partners, shared that nearly eight years of activity in the IOS sector in the USA have shown how a fragmented market can develop into an institutional real estate segment. He believes Europe is in an earlier phase of this development, but exhibits many characteristics that made IOS an attractive investment opportunity in the USA. Terryn combines this experience with local European expertise, thereby creating an institutional platform aimed at building a leading pan-European portfolio and generating long-term value for investors.
Leadership and Development in Germany
Peter Wenzel assumes operational leadership of Terryn in Germany as Managing Director. Wenzel has around 20 years of experience in institutional real estate business. Most recently, he led M7 Real Estate Germany GmbH for over four years and prior to that worked for RLI Investors for more than five years, ultimately as Managing Director. Other professional positions include PGIM Real Estate and GLL Real Estate Partners.
Peter Wenzel stated that Germany offers attractive conditions for the development of Terryn: a large industrial and logistics market, scarce operationally essential spaces, and at the same time a highly fragmented ownership structure. He further explained that the company aims to acquire sites that are central to the daily operations of their users, in order to offer tenants a long-term perspective and investors potential for value appreciation. Terryn recently opened an office in Frankfurt, which serves as the platform's German headquarters. Under Peter Wenzel's leadership, a dedicated local team will be built there, with further positions to be filled in addition to a new Asset Management Director. The corresponding recruiting processes are already underway.
