Hillwood, LogProject Join Forces Once Again
- Aug 19, 2015
Hillwood, the Dallas-based real estate investment and development company owned by Ross Perot, Jr. has partnered with locally based LogProject Development GmbH to build an approximately 333,681-square-foot Class-A logistics project in Düsseldorf.
The new development will rise on 13,83 acres of land Hillwood purchased on behalf of its Hillwood European Fund. The site is located in the district of Heerdt and was previously used as an industrial plant for refractory products.
Construction is scheduled to begin as soon as demolition work of the old facility has been finalized, with completion expected in 2016. LogProject will be in charge with the property’s marketing, leasing and management.
“This transaction is a great example of our ability to combine the local knowledge and relationships of our project partner LogProject with Hillwood’s capital strength and execution capabilities,” John Thomas, president of Hillwood Europe, said in a prepared statement. “A key success factor of this deal is that we jointly could secure a rare and sizable industrial land plot in an infill location that can serve multiple client needs, from port-related logistics customers and last-mile city distributors alike,” added Peter Schuijlenburg, senior VP at Hillwood Europe & head of Hillwood in Germany.
The project marks the second collaboration between Hillwood and LogProject in one year. The companies have also partnered on the development of the Central Park logistics hub in Weiterstadt, also in Germany.