Terryn unlocks the potential of industrial outdoor storage in Europe.
Terryn unlocks the potential of industrial outdoor storage in Europe.
© 20
26
02
About us
We acquire, develop, and operate strategically located IOS sites that fulfil critical operational functions for companies in the logistics, transportation, construction, industrial, infrastructure, utilities and energy sectors.
The German market plays an important role in our pan-European investment strategy. Terryn invests specifically in a real estate segment that is gaining increasing importance in Europe.
With institutional investment expertise, active asset management and a long-term perspective, we are building a portfolio of strategically located, mission-critical locations in urban areas as well as established industrial and logistics clusters, where infrastructure connectivity and future value-creation potential are key investment considerations.
03
What is IOS
Industrial Outdoor Storage (IOS) refers to functional industrial sites with a large proportion of open space.
Goods, vehicles, machinery, and materials are stored, maintained, transshipped, and prepared for their next use at these sites. IOS also provides operational land for essential utility, energy and public-service functions, including electricity and gas networks, waste management and telecommunications. These sites support the day-to-day operations of companies in logistics, transportation, construction, industry, energy and other essential services.
Due to their specific location, infrastructure connections and operational use, IOS sites are often not easily relocated or replaced, particularly where they support mission-critical activities. The critical nature of these functions can create resilient demand and strong long-term relevance for well-located sites.
Well-connected sites in urban locations and established industrial and logistics clusters are limited. Sites with direct or efficient access to critical transport and energy infrastructure are particularly scarce. Planning regulations and competing uses further restrict the available options.
At the same time, structural trends including more resilient supply chains, e-commerce growth, infrastructure investment, energy transition, electrification and reindustrialisation are creating additional demand for flexible operational space. The diverse range of potential users further supports demand across different sectors and use cases.
This combination of operational relevance, limited supply and diversified demand makes IOS an attractive real estate segment over the longer term.
04
Our Approach
In industrial outdoor storage, value is not solely derived from the existing buildings, but primarily from the functionality of the entire site. Therefore, we consider each location from the perspective of its current and potential operational use: from site layout and development to adaptability to different users and future requirements.
01
Identify
We evaluate not only the location, tenant customers, and contractual structure, but also the functional quality of the space. This includes access roads and internal traffic routes, usable open spaces, surface condition, infrastructure connections, as well as the planning regulations and development potential of a site.
02
Acquire
Terryn acquires IOS sites through direct purchases or sale-and-leaseback transactions. Flexible transaction structures and clear decision-making processes ensure reliable implementation. We consider the operational requirements of the users as well as the long-term prospects of the site.
03
Develop
Depending on the location, we unlock potential through optimised site layouts and transport routes, more efficient use of existing open spaces, and adaptation to different or future user requirements. This can also include the expansion of electricity, charging, and other energy infrastructure. In this way, we increase the operational efficiency, flexibility, and future viability of the sites.
05
Investment Profile
The focus is on scarce urban infill sites and established industrial and logistics clusters, with a preference for assets offering identifiable valuecreation optionality.
Typically < 30%
building density
€5M–€50M
per property
10,000–100,000 m²
Flexible outdoor space for logistics, storage, mobility and infrastructure.
Geographical
focus.
The strategy spans continental Europe, with an initial focus on Germany.
Investment and
transaction profile.
Terryn considers direct acquisitions and sale-and-leaseback opportunities across a range of lease profiles, from vacant sites and short-term leases to longer-term income-producing assets. Both asset and share deals are possible.
Locations
sought.
Crucial factors are a strategic location, efficient transport links, and a strong user base. Sites near highways, ports, railway terminals, and other major transport hubs are preferred. This combination of operational relevance, limited supply and diversified demand makes IOS an attractive real estate segment over the longer term.
Tenant and
contract structure.
Suitable properties include single-tenant and multi-tenant properties with users from the logistics, transportation, construction, infrastructure, automotive, energy, utilities and telecommunications sectors. Both short-term and long-term leases can be considered.
Target
properties.
The acquisition profile includes, among other things, cross-dock buildings, truck and trailer parking areas, workshop and maintenance sites, depots and construction yards, rental equipment and construction machinery storage facilities, as well as container, trailer, raw material and laydown areas. It also includes sites supporting automotive and mobility uses, EV charging and clean-energy applications, and operational requirements of utility, telecommunications and public-service providers. The building footprint is flexible; the focus is on open space, accessibility and operational functionality.
Does it fit our profile?
If you have a strategically located IOS property that matches our investment criteria, we’d like to hear about it.
02
About us
02
About us
We acquire, develop, and operate strategically located IOS sites that fulfil critical operational functions for companies in the logistics, transportation, construction, industrial, infrastructure, utilities and energy sectors.
The German market plays an important role in our pan-European investment strategy. Terryn invests specifically in a real estate segment that is gaining increasing importance in Europe.
With institutional investment expertise, active asset management and a long-term perspective, we are building a portfolio of strategically located, mission-critical locations in urban areas as well as established industrial and logistics clusters, where infrastructure connectivity and future value-creation potential are key investment considerations.
03
What is IOS
03
What is IOS
Industrial Outdoor Storage (IOS) refers to functional industrial sites with a large proportion of open space.
Goods, vehicles, machinery, and materials are stored, maintained, transshipped, and prepared for their next use at these sites. IOS also provides operational land for essential utility, energy and public-service functions, including electricity and gas networks, waste management and telecommunications. These sites support the day-to-day operations of companies in logistics, transportation, construction, industry, energy and other essential services.
Due to their specific location, infrastructure connections and operational use, IOS sites are often not easily relocated or replaced, particularly where they support mission-critical activities. The critical nature of these functions can create resilient demand and strong long-term relevance for well-located sites.
Well-connected sites in urban locations and established industrial and logistics clusters are limited. Sites with direct or efficient access to critical transport and energy infrastructure are particularly scarce. Planning regulations and competing uses further restrict the available options.
At the same time, structural trends including more resilient supply chains, e-commerce growth, infrastructure investment, energy transition, electrification and reindustrialisation are creating additional demand for flexible operational space. The diverse range of potential users further supports demand across different sectors and use cases.
This combination of operational relevance, limited supply and diversified demand makes IOS an attractive real estate segment over the longer term.
Goods, vehicles, machinery, and materials are stored, maintained, transshipped, and prepared for their next use at these sites. IOS also provides operational land for essential utility, energy and public-service functions, including electricity and gas networks, waste management and telecommunications. These sites support the day-to-day operations of companies in logistics, transportation, construction, industry, energy and other essential services.
Due to their specific location, infrastructure connections and operational use, IOS sites are often not easily relocated or replaced, particularly where they support mission-critical activities. The critical nature of these functions can create resilient demand and strong long-term relevance for well-located sites.
Well-connected sites in urban locations and established industrial and logistics clusters are limited. Sites with direct or efficient access to critical transport and energy infrastructure are particularly scarce. Planning regulations and competing uses further restrict the available options.
At the same time, structural trends including more resilient supply chains, e-commerce growth, infrastructure investment, energy transition, electrification and reindustrialisation are creating additional demand for flexible operational space. The diverse range of potential users further supports demand across different sectors and use cases.
This combination of operational relevance, limited supply and diversified demand makes IOS an attractive real estate segment over the longer term.
04
Our Approach
04
Our Approach
In industrial outdoor storage, value is not solely derived from the existing buildings, but primarily from the functionality of the entire site. Therefore, we consider each location from the perspective of its current and potential operational use: from site layout and development to adaptability to different users and future requirements.
01
Identify
We evaluate not only the location, tenant customers, and contractual structure, but also the functional quality of the space. This includes access roads and internal traffic routes, usable open spaces, surface condition, infrastructure connections, as well as the planning regulations and development potential of a site.
02
Acquire
Terryn acquires IOS sites through direct purchases or sale-and-leaseback transactions. Flexible transaction structures and clear decision-making processes ensure reliable implementation. We consider the operational requirements of the users as well as the long-term prospects of the site.
03
Develop
Depending on the location, we unlock potential through optimised site layouts and transport routes, more efficient use of existing open spaces, and adaptation to different or future user requirements. This can also include the expansion of electricity, charging, and other energy infrastructure. In this way, we increase the operational efficiency, flexibility, and future viability of the sites.
05
Investment Profile
05
Investment Profile
The focus is on scarce urban infill sites and established industrial and logistics clusters, with a preference for assets offering identifiable value-creation optionality.
Typically < 30%
building density
Typically < 30%
building density
€5M–€50M
per property
€5M–€50M
per property
10,000–100,000 m²
Flexible outdoor space for logistics, storage, mobility and infrastructure.
10,000–100,000 m²
Flexible outdoor space for logistics, storage, mobility and infrastructure.
Geographical
focus.
The strategy spans continental Europe, with an initial focus on Germany.
Locations
sought.
Crucial factors are a strategic location, efficient transport links, and a strong user base. Sites near highways, ports, railway terminals, and other major transport hubs are preferred. This combination of operational relevance, limited supply and diversified demand makes IOS an attractive real estate segment over the longer term.
Target
properties.
The acquisition profile includes, among other things, cross-dock buildings, truck and trailer parking areas, workshop and maintenance sites, depots and construction yards, rental equipment and construction machinery storage facilities, as well as container, trailer, raw material and laydown areas. It also includes sites supporting automotive and mobility uses, EV charging and clean-energy applications, and operational requirements of utility, telecommunications and public-service providers. The building footprint is flexible; the focus is on open space, accessibility and operational functionality.
Investment and
transaction profile.
Terryn considers direct acquisitions and sale-and-leaseback opportunities across a range of lease profiles, from vacant sites and short-term leases to longer-term income-producing assets. Both asset and share deals are possible.
Tenant and
contract structure.
Suitable properties include single-tenant and multi-tenant properties with users from the logistics, transportation, construction, infrastructure, automotive, energy, utilities and telecommunications sectors. Both short-term and long-term leases can be considered.
Does it fit our profile?
If you have a strategically located IOS property that matches our investment criteria, we’d like to hear about it.
06
Portfolio
06
Portfolio
From its base in Germany, Terryn is building a portfolio of strategically located IOS sites in urban areas and established industrial and logistics clusters. Each site is selected and actively managed based on its operational relevance, location, flexible usage options, and long-term value-creation potential. The following properties illustrate our investment approach in practice.
Portfolio at a glance
Terryn’s portfolio comprises five strategically located IOS and logistics sites with a combined site area of approximately 220,000 m². The properties combine stable, income-producing locations with assets offering clearly identifiable opportunities for active development.
Have a property that could strengthen our portfolio? We’re always looking for strategically located IOS opportunities.
Portfolio at a glance
Terryn’s portfolio comprises five strategically located IOS and logistics sites with a combined site area of approximately 220,000 m². The properties combine stable, income-producing locations with assets offering clearly identifiable opportunities for active development.
Have a property that could strengthen our portfolio? We’re always looking for strategically located IOS opportunities.
07
Team
07
Team
Terryn
Peter Wenzel
Managing Director
Peter is responsible for the operational management of Terryn in Germany. He has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years. Prior to that, he worked for RLI Investors for over five years, ultimately as Managing Director. His previous experience also includes positions at PGIM Real Estate and GLL Real Estate Partners.
Terryn
Peter Wenzel
Managing Director
Peter is responsible for the operational management of Terryn in Germany. He has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years. Prior to that, he worked for RLI Investors for over five years, ultimately as Managing Director. His previous experience also includes positions at PGIM Real Estate and GLL Real Estate Partners.
Meet our team.
Terryn
Peter Wenzel
Managing Director
Peter is responsible for the operational management of Terryn in Germany. He has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years. Prior to that, he worked for RLI Investors for over five years, ultimately as Managing Director. His previous experience also includes positions at PGIM Real Estate and GLL Real Estate Partners.
Terryn
Joining Soon
Director Transactions
Our Transactions team is growing. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Director Transactions
Our Transactions team is growing. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Director Transactions
Our Transactions team is growing. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Analyst
A new Analyst is joining terryn. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Analyst
A new Analyst is joining terryn. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Director Asset Management
Our Asset Management team is growing. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Director Asset Management
Our Asset Management team is growing. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Analyst
A new Analyst is joining terryn. We’ll introduce our new colleague here shortly.
Terryn
Joining Soon
Director Asset Management
Our Asset Management team is growing. We’ll introduce our new colleague here shortly.
Meet our board members.
Meet our team.
URBZ Capital
Ali Nassiri
Co-Founder & Managing Partner
Ali co-founded URBZ Capital in late 2020 and is responsible for the firm’s overall strategy, investments, operations and growth. He has over 20 years of experience in European industrial and logistics real estate, including 11 years at Prologis. Since 2017, he has been part of the Prologis European Executive Committee, overseeing European acquisitions and subsequently two European Open-End Funds (OEFs). Prior to URBZ, Ali was Head of European Fund Management at Prologis, responsible for a strategic capital portfolio of approximately €20 billion with over 100 global LPs. Previously, he worked at ING REIM (CBRE IM), responsible for Continental European logistics acquisitions. Ali holds a Master’s degree in Business Administration from VU University Amsterdam and a Bachelor’s degree in International Management from the Amsterdam Business School, graduating cum laude and with distinction, respectively.
URBZ Capital
Ali Nassiri
Co-Founder & Managing Partner
Ali co-founded URBZ Capital in late 2020 and is responsible for the firm’s overall strategy, investments, operations and growth. He has over 20 years of experience in European industrial and logistics real estate, including 11 years at Prologis. Since 2017, he has been part of the Prologis European Executive Committee, overseeing European acquisitions and subsequently two European Open-End Funds (OEFs). Prior to URBZ, Ali was Head of European Fund Management at Prologis, responsible for a strategic capital portfolio of approximately €20 billion with over 100 global LPs. Previously, he worked at ING REIM (CBRE IM), responsible for Continental European logistics acquisitions. Ali holds a Master’s degree in Business Administration from VU University Amsterdam and a Bachelor’s degree in International Management from the Amsterdam Business School, graduating cum laude and with distinction, respectively.
URBZ Capital
Bram Verhoeven
Co-Founder & Managing Partner
Bram co-founded URBZ Capital in late 2020 and is responsible for the firm’s overall strategy, investments, operations and growth. He has over 20 years of experience in industrial and logistics real estate, including almost 15 years at Prologis. Since 2017, Bram has been part of the European Executive Committee, holding senior leadership roles including Head of the Benelux and Head of Northern Europe, with responsibility for operations across the Benelux, Germany and the Nordics and a portfolio valued at nearly €7 billion. Over his career, Bram has built a strong track record in asset management and logistics real estate development. He holds a Master of Science in Real Estate Development and Portfolio Management from the Technical University of Eindhoven and a Bachelor’s degree in Building Business from Tilburg Business School.
URBZ Capital
Bram Verhoeven
Co-Founder & Managing Partner
Bram co-founded URBZ Capital in late 2020 and is responsible for the firm’s overall strategy, investments, operations and growth. He has over 20 years of experience in industrial and logistics real estate, including almost 15 years at Prologis. Since 2017, Bram has been part of the European Executive Committee, holding senior leadership roles including Head of the Benelux and Head of Northern Europe, with responsibility for operations across the Benelux, Germany and the Nordics and a portfolio valued at nearly €7 billion. Over his career, Bram has built a strong track record in asset management and logistics real estate development. He holds a Master of Science in Real Estate Development and Portfolio Management from the Technical University of Eindhoven and a Bachelor’s degree in Building Business from Tilburg Business School.
NW1 Partners
David Boyle
Co-Founder & Managing Partner
David co-founded NW1 Partners and leads the firm's investment strategy from London. He has more than 20 years of experience in institutional real estate investing. Most recently, he led Morgan Stanley's AIP Real Estate team as Managing Director and Chief Investment Officer for over a decade, deploying more than $1.2 billion into coinvestments, secondaries and primary fund investments. Prior to Morgan Stanley, he held senior positions at Brookfield Asset Management, APG Investments US, and Deutsche Bank. David holds a Bachelor of Science from Cornell University and a Master of Public Affairs from Columbia University.
NW1 Partners
David Boyle
Co-Founder & Managing Partner
David co-founded NW1 Partners and leads the firm's investment strategy from London. He has more than 20 years of experience in institutional real estate investing. Most recently, he led Morgan Stanley's AIP Real Estate team as Managing Director and Chief Investment Officer for over a decade, deploying more than $1.2 billion into coinvestments, secondaries and primary fund investments. Prior to Morgan Stanley, he held senior positions at Brookfield Asset Management, APG Investments US, and Deutsche Bank. David holds a Bachelor of Science from Cornell University and a Master of Public Affairs from Columbia University.
NW1 Partners
Brad Beanblossom
Co-Founder & Managing Partner
Brad co-founded NW1 Partners and leads the firm's industrial outdoor storage strategy. He spent 15 years at Sam Zell's Equity International, ultimately as Senior Vice President overseeing the investments team, contributing to 22 real estate operating companies across multiple asset classes and geographies and helping deploy more than $900 million of growth capital through joint ventures and commingled funds. He also served on EI's investment committee and several portfolio company boards. Brad holds a B.A. in History from DePauw University and an M.B.A. in Finance from the University of San Francisco.
NW1 Partners
Brad Beanblossom
Co-Founder & Managing Partner
Brad co-founded NW1 Partners and leads the firm's industrial outdoor storage strategy. He spent 15 years at Sam Zell's Equity International, ultimately as Senior Vice President overseeing the investments team, contributing to 22 real estate operating companies across multiple asset classes and geographies and helping deploy more than $900 million of growth capital through joint ventures and commingled funds. He also served on EI's investment committee and several portfolio company boards. Brad holds a B.A. in History from DePauw University and an M.B.A. in Finance from the University of San Francisco.
NW1 Partners
David Boyle
Co-Founder & Managing Partner
David co-founded NW1 Partners and leads the firm's investment strategy from London. He has more than 20 years of experience in institutional real estate investing. Most recently, he led Morgan Stanley's AIP Real Estate team as Managing Director and Chief Investment Officer for over a decade, deploying more than $1.2 billion into coinvestments, secondaries and primary fund investments. Prior to Morgan Stanley, he held senior positions at Brookfield Asset Management, APG Investments US, and Deutsche Bank. David holds a Bachelor of Science from Cornell University and a Master of Public Affairs from Columbia University.
URBZ Capital
Floris Bune
Partner & Managing Director
Floris is a Partner & Managing Director at URBZ Capital, responsible for development and ESG, and brings nearly 20 years of experience in logistics real estate. He has a strong track record of managing complex development projects and integrating sustainable practices into real estate operations, ensuring projects meet high development standards while adhering to rigorous ESG criteria. Prior to URBZ, he served as Head of Development at pan-European real estate companies including Delin and Mirastar, further building his industry knowledge and leadership experience.
URBZ Capital
Floris Bune
Partner & Managing Director
Floris is a Partner & Managing Director at URBZ Capital, responsible for development and ESG, and brings nearly 20 years of experience in logistics real estate. He has a strong track record of managing complex development projects and integrating sustainable practices into real estate operations, ensuring projects meet high development standards while adhering to rigorous ESG criteria. Prior to URBZ, he served as Head of Development at pan-European real estate companies including Delin and Mirastar, further building his industry knowledge and leadership experience.
NW1 Partners
Muhamed Sharafali
Partner
Muhamed is a Partner at NW1 Partners, based in London. Before joining the firm, he worked at Delancey Real Estate Asset Management, NW1's strategic partner, focusing on investment acquisitions across PRS, offices, ground rents and corporate platforms, and helped create Get Living and launch Delancey's residential fund. Prior to Delancey, he spent over seven years at Willis Towers Watson as an Investment Consultant, advising pension funds, insurers, sovereign wealth funds and family offices on strategy and risk management. Muhamed holds a degree from the London School of Economics and postgraduate degrees from Imperial College London and the University of Reading, and is a Fellow of the Institute of Actuaries.
NW1 Partners
Muhamed Sharafali
Partner
Muhamed is a Partner at NW1 Partners, based in London. Before joining the firm, he worked at Delancey Real Estate Asset Management, NW1's strategic partner, focusing on investment acquisitions across PRS, offices, ground rents and corporate platforms, and helped create Get Living and launch Delancey's residential fund. Prior to Delancey, he spent over seven years at Willis Towers Watson as an Investment Consultant, advising pension funds, insurers, sovereign wealth funds and family offices on strategy and risk management. Muhamed holds a degree from the London School of Economics and postgraduate degrees from Imperial College London and the University of Reading, and is a Fellow of the Institute of Actuaries.
URBZ Capital
Floris Bune
Partner & Managing Director
Floris is a Partner & Managing Director at URBZ Capital, responsible for development and ESG, and brings nearly 20 years of experience in logistics real estate. He has a strong track record of managing complex development projects and integrating sustainable practices into real estate operations, ensuring projects meet high development standards while adhering to rigorous ESG criteria. Prior to URBZ, he served as Head of Development at pan-European real estate companies including Delin and Mirastar, further building his industry knowledge and leadership experience.
NW1 Partners
Muhamed Sharafali
Partner
Muhamed is a Partner at NW1 Partners, based in London. Before joining the firm, he worked at Delancey Real Estate Asset Management, NW1's strategic partner, focusing on investment acquisitions across PRS, offices, ground rents and corporate platforms, and helped create Get Living and launch Delancey's residential fund. Prior to Delancey, he spent over seven years at Willis Towers Watson as an Investment Consultant, advising pension funds, insurers, sovereign wealth funds and family offices on strategy and risk management. Muhamed holds a degree from the London School of Economics and postgraduate degrees from Imperial College London and the University of Reading, and is a Fellow of the Institute of Actuaries.
08
News
08
News
PRESS RELEASE
URBZ Capital & NW1 Partners launch Terryn, a nearly EUR500m IOS
strategy in Germany.
FRANKFURT, SEPTEMBER 22, 2026 – Terryn GmbH (Terryn), a joint venture between industrial real estate investment and asset management firm URBZ Capital and the investment management company NW1 Partners, is launching in Germany as a specialized investment platform for industrial outdoor storage (IOS). Terryn aims to consolidate the currently highly fragmented IOS market into a scaled, institutional-grade platform and build a diversified portfolio of approximately €500 million, underpinned by integrated expertise, knowledge and services. An initial portfolio comprising 5 properties totaling 220.000 sqm will form the basis. The long-term goal is to develop Terryn into a pan-European IOS platform.
The focus is on strategically located properties in urban infill areas as well as established industrial and logistics clusters. Terryn examines direct acquisitions and sale-and- leaseback. The platform typically seeks properties of approximately 10,000 to 100,000 sqm and larger, with a transaction volume of €5 million to €50 million per property.
“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 our starting point, where we are building the foundations of the platform and a strong local team led by Peter Wenzel,” says Ali Nassiri, Co-Founder & Managing Partner of URBZ Capital.
“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.” says David Boyle, Co-Founder & Managing Partner of NW1 Partners.
OPERATIONAL INFRASTRUCTURE AS AN INVESTMENT SEGMENT
Industrial outdoor storage refers to functional commercial properties with a high proportion of open space, required for the daily operations of logistics, transport, construction, industrial, and energy companies. These include, for example, depots, parking and storage areas, workshops and depots, as well as warehouse and transshipment facilities. For Terryn, the investment case lies in the operational importance of these locations, their limited availability in established economic regions, and their fragmented ownership structure.
PETER WENZEL IS LEADING THE DEVELOPMENT IN GERMANY
Peter Wenzel will assume operational management as Managing Director. Wenzel has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years; prior to that, he worked for RLI Investors for over five years, most recently as Managing Director. His previous positions also include roles at 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,” says Peter Wenzel, Managing Director of Terryn.
Terryn has recently opened their Frankfurt office, which will serve as the German headquarter, and is building a dedicated local team led by Peter Wenzel alongside a new Asset Management Director. Recruitment for the remaining positions is already underway.
ABOUT TERRYN
Terryn is an investment platform specializing in industrial outdoor storage, established by URBZ Capital and NW1 Partners. The platform is launching in Germany with the ambition to build a pan-European portfolio of strategically located, operationally critical IOS assets. Terryn focuses on direct acquisitions and sale-and- leaseback transactions of operationally relevant IOS sites in urban locations and established industrial and logistics clusters.
See website: www.terryn.com
ABOUT URBZ CAPITAL
Established in 2020, URBZ Capital is a pan-European real estate investment and asset management firm focused on opportunities across niche segments of the industrial and logistics property market. The firm pursues multiple investment strategies, including Industrial Outdoor Storage (IOS), urban last-mile and mid-box logistics, targeting strategically located assets in urban and logistics hubs. URBZ Capital focuses on properties where active asset management, repositioning and operational improvements can unlock additional value. The firm combines local market expertise with a flexible, multi-strategy investment approach focused on long-term value creation, sustainability and the evolving requirements of modern supply chains.
See website: www.urbzcapital.com
ABOUT NW1 PARTNERS
Established in 2016, NW1 Partners seeks to access niche opportunities, focused on portfolio roll-up strategies that benefit from compelling local market supply and demand fundamentals, in partnership with expert, emerging local operating partners. NW1 selectively invests in emerging sub-sectors of the industrial and residential real estate sectors and targets small-cap assets at attractive valuations, deploying efficient and strategic asset management to create added value on behalf of clients. By creating institutional-grade portfolios of scale, NW1 is able to deliver an aggregation premium and improved liquidity at exit.
See website: www.nw1partners.com
SHORT VERSION
URBZ Capital and NW1 Partners launch Terryn, a new institutional Industrial Outdoor Storage (IOS) platform in Germany.
Total investment volume (GAV) of nearly €500 million is targeted; Germany is an anchor market for a pan-European strategy.
CBRE Investment Management backs Terryn as a key capital partner, with an equity commitment of €200 million for Germany.
The initial portfolio already includes 5 sites totaling around 220.000 sqm.
Peter Wenzel takes the Helm as Managing Director to lead Terryn in Germany.
PRESS RELEASE
PRESS RELEASE
URBZ Capital & NW1 Partners launch Terryn, a nearly EUR500m IOS
strategy in Germany.
URBZ Capital & NW1 Partners launch Terryn, a nearly EUR500m IOS
strategy in Germany.
FRANKFURT, SEPTEMBER 22, 2026 – Terryn GmbH (Terryn), a joint venture between industrial real estate investment and asset management firm URBZ Capital and the investment management company NW1 Partners, is launching in Germany as a specialized investment platform for industrial outdoor storage (IOS). Terryn aims to consolidate the currently highly fragmented IOS market into a scaled, institutional-grade platform and build a diversified portfolio of approximately €500 million, underpinned by integrated expertise, knowledge and services. An initial portfolio comprising 5 properties totaling 220.000 sqm will form the basis. The long-term goal is to develop Terryn into a pan-European IOS platform.
FRANKFURT, SEPTEMBER 22, 2026 – Terryn GmbH (Terryn), a joint venture between industrial real estate investment and asset management firm URBZ Capital and the investment management company NW1 Partners, is launching in Germany as a specialized investment platform for industrial outdoor storage (IOS). Terryn aims to consolidate the currently highly fragmented IOS market into a scaled, institutional-grade platform and build a diversified portfolio of approximately €500 million, underpinned by integrated expertise, knowledge and services. An initial portfolio comprising 5 properties totaling 220.000 sqm will form the basis. The long-term goal is to develop Terryn into a pan-European IOS platform.
The focus is on strategically located properties in urban infill areas as well as established industrial and logistics clusters. Terryn examines direct acquisitions and sale-and- leaseback. The platform typically seeks properties of approximately 10,000 to 100,000 sqm and larger, with a transaction volume of €5 million to €50 million per property.
“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 our starting point, where we are building the foundations of the platform and a strong local team led by Peter Wenzel,” says Ali Nassiri, Co-Founder & Managing Partner of URBZ Capital.
“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.” says David Boyle, Co-Founder & Managing Partner of NW1 Partners.
OPERATIONAL INFRASTRUCTURE AS AN INVESTMENT SEGMENT
Industrial outdoor storage refers to functional commercial properties with a high proportion of open space, required for the daily operations of logistics, transport, construction, industrial, and energy companies. These include, for example, depots, parking and storage areas, workshops and depots, as well as warehouse and transshipment facilities. For Terryn, the investment case lies in the operational importance of these locations, their limited availability in established economic regions, and their fragmented ownership structure.
PETER WENZEL IS LEADING THE DEVELOPMENT IN GERMANY
Peter Wenzel will assume operational management as Managing Director. Wenzel has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years; prior to that, he worked for RLI Investors for over five years, most recently as Managing Director. His previous positions also include roles at 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,” says Peter Wenzel, Managing Director of Terryn.
Terryn has recently opened their Frankfurt office, which will serve as the German headquarter, and is building a dedicated local team led by Peter Wenzel alongside a new Asset Management Director. Recruitment for the remaining positions is already underway.
ABOUT TERRYN
Terryn is an investment platform specializing in industrial outdoor storage, established by URBZ Capital and NW1 Partners. The platform is launching in Germany with the ambition to build a pan-European portfolio of strategically located, operationally critical IOS assets. Terryn focuses on direct acquisitions and sale-and- leaseback transactions of operationally relevant IOS sites in urban locations and established industrial and logistics clusters.
See website: www.terryn.com
ABOUT URBZ CAPITAL
Established in 2020, URBZ Capital is a pan-European real estate investment and asset management firm focused on opportunities across niche segments of the industrial and logistics property market. The firm pursues multiple investment strategies, including Industrial Outdoor Storage (IOS), urban last-mile and mid-box logistics, targeting strategically located assets in urban and logistics hubs. URBZ Capital focuses on properties where active asset management, repositioning and operational improvements can unlock additional value. The firm combines local market expertise with a flexible, multi-strategy investment approach focused on long-term value creation, sustainability and the evolving requirements of modern supply chains.
See website: www.urbzcapital.com
ABOUT NW1 PARTNERS
Established in 2016, NW1 Partners seeks to access niche opportunities, focused on portfolio roll-up strategies that benefit from compelling local market supply and demand fundamentals, in partnership with expert, emerging local operating partners. NW1 selectively invests in emerging sub-sectors of the industrial and residential real estate sectors and targets small-cap assets at attractive valuations, deploying efficient and strategic asset management to create added value on behalf of clients. By creating institutional-grade portfolios of scale, NW1 is able to deliver an aggregation premium and improved liquidity at exit.
See website: www.nw1partners.com
SHORT VERSION
URBZ Capital and NW1 Partners launch Terryn, a new institutional Industrial Outdoor Storage (IOS) platform in Germany.
Total investment volume (GAV) of nearly €500 million is targeted; Germany is an anchor market for a pan-European strategy.
CBRE Investment Management backs Terryn as a key capital partner, with an equity commitment of €200 million for Germany.
The initial portfolio already includes 5 sites totaling around 220.000 sqm.
Peter Wenzel takes the Helm as Managing Director to lead Terryn in Germany.
The focus is on strategically located properties in urban infill areas as well as established industrial and logistics clusters. Terryn examines direct acquisitions and sale-and- leaseback. The platform typically seeks properties of approximately 10,000 to 100,000 sqm and larger, with a transaction volume of €5 million to €50 million per property.
“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 our starting point, where we are building the foundations of the platform and a strong local team led by Peter Wenzel,” says Ali Nassiri, Co-Founder & Managing Partner of URBZ Capital.
“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.” says David Boyle, Co-Founder & Managing Partner of NW1 Partners.
OPERATIONAL INFRASTRUCTURE AS AN INVESTMENT SEGMENT
Industrial outdoor storage refers to functional commercial properties with a high proportion of open space, required for the daily operations of logistics, transport, construction, industrial, and energy companies. These include, for example, depots, parking and storage areas, workshops and depots, as well as warehouse and transshipment facilities. For Terryn, the investment case lies in the operational importance of these locations, their limited availability in established economic regions, and their fragmented ownership structure.
PETER WENZEL IS LEADING THE DEVELOPMENT IN GERMANY
Peter Wenzel will assume operational management as Managing Director. Wenzel has approximately 20 years of experience in the institutional real estate sector. Most recently, he led M7 Real Estate Germany GmbH for over four years; prior to that, he worked for RLI Investors for over five years, most recently as Managing Director. His previous positions also include roles at 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,” says Peter Wenzel, Managing Director of Terryn.
Terryn has recently opened their Frankfurt office, which will serve as the German headquarter, and is building a dedicated local team led by Peter Wenzel alongside a new Asset Management Director. Recruitment for the remaining positions is already underway.
ABOUT TERRYN
Terryn is an investment platform specializing in industrial outdoor storage, established by URBZ Capital and NW1 Partners. The platform is launching in Germany with the ambition to build a pan-European portfolio of strategically located, operationally critical IOS assets. Terryn focuses on direct acquisitions and sale-and- leaseback transactions of operationally relevant IOS sites in urban locations and established industrial and logistics clusters.
See website: www.terryn.com
ABOUT URBZ CAPITAL
Established in 2020, URBZ Capital is a pan-European real estate investment and asset management firm focused on opportunities across niche segments of the industrial and logistics property market. The firm pursues multiple investment strategies, including Industrial Outdoor Storage (IOS), urban last-mile and mid-box logistics, targeting strategically located assets in urban and logistics hubs. URBZ Capital focuses on properties where active asset management, repositioning and operational improvements can unlock additional value. The firm combines local market expertise with a flexible, multi-strategy investment approach focused on long-term value creation, sustainability and the evolving requirements of modern supply chains.
See website: www.urbzcapital.com
ABOUT NW1 PARTNERS
Established in 2016, NW1 Partners seeks to access niche opportunities, focused on portfolio roll-up strategies that benefit from compelling local market supply and demand fundamentals, in partnership with expert, emerging local operating partners. NW1 selectively invests in emerging sub-sectors of the industrial and residential real estate sectors and targets small-cap assets at attractive valuations, deploying efficient and strategic asset management to create added value on behalf of clients. By creating institutional-grade portfolios of scale, NW1 is able to deliver an aggregation premium and improved liquidity at exit.
See website: www.nw1partners.com
SHORT VERSION
URBZ Capital and NW1 Partners launch Terryn, a new institutional Industrial Outdoor Storage (IOS) platform in Germany.
Total investment volume (GAV) of nearly €500 million is targeted; Germany is an anchor market for a pan-European strategy.
CBRE Investment Management backs Terryn as a key capital partner, with an equity commitment of €200 million for Germany.
The initial portfolio already includes 5 sites totaling around 220.000 sqm.
Peter Wenzel takes the Helm as Managing Director to lead Terryn in Germany.
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