URBZ Capital and NW1 Partners target €500m pan‑European strategy

Terryn GmbH, the Industrial Outdoor Storage (IOS) platform backed by URBZ Capital and NW1 Partners, has formally entered the German market as it accelerates plans to build a pan‑European, institutional‑grade IOS portfolio of around €500 million. 

Peter Wenzel, Terryn. Copyright Terryn

The expansion is supported by an initial 220,000 sq m portfolio of five assets, forming the foundation for a scaled platform targeting strategic sites across Europe.

Terryn, already active in the Netherlands, aims to consolidate Europe’s highly fragmented IOS market by assembling a diversified portfolio of operationally critical sites. The platform will focus on properties of 10,000–100,000 sq m and transaction volumes of €5–50 million, pursuing both direct acquisitions and sale‑and‑leaseback opportunities. Target locations include urban infill areas and established industrial and logistics clusters where operational land is scarce and demand is resilient.

Industrial outdoor storage assets - typically comprising open‑air operational space for logistics, transport, construction, industrial and energy companies are increasingly recognised as essential infrastructure. Terryn’s investment thesis centres on the operational importance of these sites, their limited availability in mature economic regions and the fragmented ownership structure that creates opportunities for institutional consolidation.

Peter Wenzel, formerly managing director of M7 real estate Germany, has been appointed managing director to lead Terryn’s German operations. He brings nearly 20 years of institutional real estate experience, including senior roles at RLI Investors, PGIM real estate and GLL real estate partners.

URBZ capital co-founder Ali Nassiri said IOS is emerging as a significant segment of Europe’s logistics and industrial infrastructure. “We don’t view IOS as a niche. It is a compelling investment opportunity at the intersection of real estate and essential infrastructure. Germany is a key market where we are laying the foundations of the platform.”

NW1 Partners co-founder David Boyle highlighted parallels with the US market, where IOS has evolved into an institutional sector. “Europe is at an earlier stage of that journey, with many of the same characteristics that made IOS a compelling opportunity in the US. Terryn combines US experience with European expertise to build a leading pan‑European platform.”