IM Properties wins £22m BMW deal
Warwickshire based IM Properties has been appointed to design a €26m (£22.6m) logistics hub for vehicle giant BMW.
The company is set to create the car manufacturer's largest non-production unit, to be situated near Munich in Germany.
BMW signed a ten-year lease with IM Properties for its 800,000 sq ft flagship logistics unit after it was granted planning permission in August. Construction on the site is set to begin later this month (October).
Land was acquired from five separate German proprietors to enable the development to go ahead.
Tim Wooldridge, managing director of IM Properties, said: "This is the single most significant deal IM Properties has achieved on mainland Europe. Securing a new lease to an occupier with the calibre of BMW perfectly encapsulates the investment strategy we have put in place to selectively seek institutional and added value opportunities in Germany.
"This is the first of a number of forthcoming active management initiatives we are bringing to our German portfolio as we continue to strengthen our presence across Europe."
IM Properties was advised by a Knight Frank team headed up by Birmingham-based partner Simon Reed.
