Panattoni hands over extension in Grünheide to GLX Global Logistics

• Built-to-suit extension covering 4,300 sqm of usable floor space in Brandenburg
• Handover to the new user, GLX Global Logistics Services GmbH, took place on 18 August 2021
• Panattoni takes charge of property management after completion

Europe’s leading project developer for industrial and logistics properties, Panattoni, handed over the completed built-to-suit extension to GLX Global Logistics Services GmbH in Grünheide, Brandenburg on 18 August 2021. The extension of the existing 17,000 sqm facility covers some 4,300 sqm of usable floor space, which includes 4,188 sqm of warehousing space and 104 sqm of office and communal space. An additional 30 parking spaces were also developed outside. Directly linked to the A10 motorway, DGNB [German Sustainable Building Council] gold certification was factored into the development of the property.

PGIM Real Estate – the real estate investment business of $1.5trn global investment manager PGIM – is the property owner, and awarded the contract to extend the asset at Grünheide to Panatton, which was already engaged as property manager for the existing building. Work on the new development started at the end of January 2021 and was planned in accordance with the specifications for the existing  warehouse. Panattoni will take charge of property management for the existing and new building. Dominik Brambring, Head of Germany and the Netherlands at PGIM Real Estate comments: “When we acquired the portfolio in 2020 as part of our European core strategy, we saw a great opportunity to modernize the property. Together with our long-term partner Panattoni, we are delighted to have successfully built this extension ahead of schedule and in budget.”

The tenant, GLX Global Logistics Services GmbH, has its head office in Berlin and provides various logistical services, including management of the transport chain and all aspects of warehouse logistics. It employs 200 people across 13 sites in Germany. In Grünheide the company provides logistical services for Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, a subsidiary of global leader in the production of brake systems for rail and commercial vehicles Knorr-Bremse AG, as well as for slot machine manufacturer Bally Wulff Games und Entertainment GmbH.

Managing director at GLX Global Logistics Services GmbH Roland Becker comments on the cooperation: “We had already come to hold Panattoni in high regard as a competent partner in the course of our cooperation in property management. The construction of the extension ran smoothly. It enables us to meet the continuing demand for our services at the Grünheide site.”

Managing partner at Panattoni Fred-Markus Bohne commented on the handover as follows: “Now completed, the project on behalf of GLX Global Logistics Services and PGIM Real Estate pays testament to the confidence the two partners have in us. We look forward to continuing to support with our property management team after completion of the building work.”