URBZ Capital and NW1 Partners are stepping into the German market with Terryn and an IOS strategy worth about EUR500 million
- 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.
Frankfurt, September 23, 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 expanding into the German market. The specialized investment platform for Industrial Outdoor Storage (IOS), which is already active in the Netherlands, aims to consolidate the currently highly fragmented European 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 five 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 a very important market in this regard, 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 industrial properties combining open, yard-based space with smaller-scale buildings, required for the daily operations of logistics, transport, construction, industrial, and energy companies. These include, for example, truck and equipment depots, parking and storage yards, workshops, and small warehouse or transshipment facilities. For Terryn, the investment case lies in the ongoing shift of this asset class from owner-occupation to institutional ownership, driven by the operational importance of these locations, their limited availability in established economic regions, and their currently 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
