Wednesday, 23 September 2026
URBZ Capital and NW1 Partners are expanding their investment in Germany’s industrial property market through Terryn, a dedicated platform for Industrial Outdoor Storage (IOS) assets. The business is targeting a portfolio with a gross asset value of around €500m, with Germany forming a central part of a strategy designed to expand across European markets.
Terryn’s German portfolio has already grown to five properties covering approximately 220,000 sqm, according to the partners. The platform is focusing on operational industrial sites in established logistics and manufacturing locations as well as urban areas where suitable industrial land is increasingly difficult to secure.
The strategy covers properties used by logistics, transport, construction, manufacturing and energy companies where substantial external areas are required alongside buildings. Terryn is considering both direct purchases and sale-and-leaseback transactions, generally targeting sites of between 10,000 sqm and 100,000 sqm or more. Individual investments are expected to range from approximately €5m to €50m.
The German expansion builds on a partnership between URBZ Capital, NW1 Partners and CBRE Investment Management that was announced earlier in 2026. The wider European IOS venture received €300m of capital commitments, with €200m allocated for investment in Germany. At the time, the German portfolio began with three properties in Duisburg, Essen and Cologne, while the partners outlined plans to assemble between 30 and 40 assets.
Terryn therefore represents the next stage in developing the operating structure around that investment programme rather than the beginning of the partners’ German activity. The increase from three initial properties to five sites also indicates that acquisitions have continued since the German strategy was first disclosed.
URBZ Capital and NW1 Partners have already developed a sizeable IOS investment business in the Netherlands. Their Dutch vehicle closed with €192m of committed equity in 2025 after more than €130m had already been invested in properties. CBRE Investment Management participated as the final investor in that vehicle before extending its relationship with the partners into Germany.
Peter Wenzel has been appointed Managing Director of Terryn in Germany and will oversee the expansion from the company’s newly established Frankfurt office. Wenzel brings around two decades of institutional property experience and most recently headed M7 Real Estate Germany. His earlier positions included RLI Investors, PGIM Real Estate and GLL Real Estate Partners. Terryn is also expanding its German asset-management team as acquisition activity increases.
The investment case is based partly on the fragmented ownership of sites used for outdoor industrial operations. Unlike conventional logistics warehouses, these properties typically combine buildings with substantial yards, vehicle areas or external storage space. Locations close to major cities, transport routes and established industrial areas can be difficult to replace as competing land uses and planning restrictions limit opportunities to create new facilities.
The expansion comes as investment activity in German commercial property continues to recover. Approximately €16.2bn was invested in German real estate during the first half of 2026, 13% more than a year earlier, according to CBRE. Investors nevertheless remained selective, with capital concentrated on properties and markets offering stronger underlying fundamentals.
With institutional capital already committed and an operating team now being established in Frankfurt, Terryn is positioning Germany as one of the principal markets for its European expansion. The longer-term strategy is to assemble sufficient scale across a property segment that remains considerably more fragmented than the conventional logistics sector, while extending the investment model already developed by URBZ Capital and NW1 Partners in the Netherlands.
