CBRE Investment Management Backs €500 Million IOS Platform in Germany as URBZ Capital and NW1 Partners Launch Terryn

URBZ Capital and NW1 Partners have launched Terryn GmbH, a joint venture targeting approximately €500 million in gross asset value through an institutional industrial outdoor storage platform in Germany, backed by a €200 million equity commitment from CBRE Investment Management.

The announcement, dated September 23, 2026, marks the German entry of a platform that is already active in the Netherlands and carries a long-term ambition to build a pan-European portfolio of operationally critical IOS assets. An initial portfolio of five properties totaling approximately 220,000 square metres — roughly 2.37 million square feet — forms the foundation of the German strategy.

Platform Structure and Investment Strategy

Terryn is structured as a joint venture between URBZ Capital, a pan-European real estate investment and asset management firm focused on niche industrial and logistics segments, and NW1 Partners, an investment management company that pursues portfolio roll-up strategies in emerging sub-sectors of industrial and residential real estate. CBRE Investment Management serves as the platform's key capital partner.

The platform targets properties generally ranging from 10,000 to 100,000 square metres or larger, with individual transaction sizes of approximately €5 million to €50 million per asset. Terryn pursues both direct acquisitions and sale-and-leaseback transactions, with a focus on strategically located properties in urban infill areas and established industrial and logistics clusters.

The distinction between the €200 million equity commitment and the €500 million gross asset value target reflects the platform's intended use of leverage and potential for additional capital as the portfolio scales. A broader European IOS management platform announced earlier in 2026 by the same three parties carried total capital commitments of €300 million, including the €200 million designated for Germany. Three seed assets in Duisburg, Essen and Cologne were identified at that earlier stage; the September announcement brings the German portfolio to five properties, though the locations of the two additional sites were not specified.

Why Industrial Outdoor Storage Is Drawing Institutional Capital

Industrial outdoor storage properties combine open, yard-based space with smaller-scale buildings used in the daily operations of logistics, transport, construction, industrial and energy companies. Typical uses include truck and equipment depots, vehicle parking and storage yards, workshops, and small warehouses or transshipment facilities.

The investment thesis centers on the ongoing shift of this asset class from owner-occupation to institutional ownership. Strategically located IOS sites can be difficult to replicate because suitable zoning, road access, hardstand areas and proximity to customers or infrastructure are constrained in established economic regions. Ownership of such sites remains highly fragmented across Europe, creating an aggregation opportunity for institutional platforms.

Sale-and-leaseback transactions are a core acquisition channel for Terryn, appealing to owner-occupiers seeking to release capital from real estate while retaining operational control through a lease. For the platform, such structures can provide contracted income streams and access to properties unlikely to surface through conventional logistics investment channels.

"We don't view IOS as a niche, but as an important and highly fragmented segment of European logistics and industrial infrastructure. We see IOS as a compelling investment opportunity at the intersection of real estate and essential infrastructure. With Terryn, our ambition is to institutionalize and consolidate this market by building a pan-European portfolio of strategically located sites that are critical to the day-to-day operations of their users. Germany is a very important market in this regard, where we are building the foundations of the platform and a strong local team," said Ali Nassiri, Co-Founder and Managing Partner of URBZ Capital.

David Boyle, Co-Founder and Managing Partner of NW1 Partners, drew on the firm's experience in the U.S. IOS market to frame the European opportunity. "Having been active in the IOS sector in the US for almost eight years, I have seen first-hand how a fragmented market can evolve into an institutional real estate sector. We believe Europe is at an earlier stage of that journey, with many of the characteristics that made IOS such a compelling opportunity in the US. Terryn brings that experience together with local European expertise, creating an institutional platform designed to build a leading pan-European portfolio and generate long-term value for investors," Boyle said.

Germany as the Anchor Market

Germany's role as Europe's largest industrial economy and one of its largest logistics markets underpins its selection as the platform's anchor geography. Major manufacturing, transport and distribution clusters generate sustained demand for yards, depots and operational sites, while infill industrial land around large cities and established logistics corridors remains scarce. The three seed locations disclosed earlier — Duisburg, Essen and Cologne — sit within the Rhine-Ruhr region, a dense network of manufacturing, freight, logistics and construction activity with access to major road, rail and inland-waterway infrastructure.

Terryn has opened a Frankfurt office to serve as its German headquarters and is building a dedicated local team. Peter Wenzel has been appointed Managing Director to lead the German operation. Wenzel brings approximately 20 years of experience in the institutional real estate sector, most recently serving as head of M7 Real Estate Germany GmbH for more than four years. Prior roles include positions at RLI Investors, PGIM Real Estate and GLL Real Estate Partners.

"Germany offers an attractive starting point for the development of Terryn: a large industrial and logistics market, scarce operational space, and at the same time a highly fragmented ownership structure. We want to acquire specific locations that are central to the daily operations of their users. We can offer long-term perspective to our tenants, and value potential to our investors," Wenzel said.

Recruitment for additional Frankfurt-based positions, including an Asset Management Director, is underway.

Pan-European Ambitions

While Germany is the current focus, Terryn's stated long-term objective is to develop into a pan-European IOS platform. URBZ Capital, established in 2020, pursues multiple industrial and logistics investment strategies across Europe, including IOS, urban last-mile and mid-box logistics. NW1 Partners, established in 2016, targets small-cap assets in emerging sub-sectors of industrial and residential real estate, seeking to create institutional-grade portfolios that can deliver an aggregation premium and improved liquidity at exit.

The platform's approach differs from conventional large-box logistics investment in several respects. IOS acquisitions are typically smaller in individual size, involve operational users such as hauliers, contractors and industrial firms, and derive value primarily from location, access and permitted use rather than building quality or logistics specifications. Underwriting such assets requires close attention to zoning, permitted outdoor uses, environmental conditions, surface quality, drainage and tenant operations alongside headline area figures.

Sources

URBZ Capital — Terryn Launch Announcement