IM wins major Munich deal with BWM

COLESHILL-based IM Properties has signed a major construction deal to build a new £22.6m logistics hub for BMW near Munich.

The company will design and build the 800,000 sq ft hub which will be the largest non-production unit in the car company’s global portfolio.

BWM has signed a 10-year lease on the unit (CGI below) which is due to be completed next summer in time for the launch of the firm’s new 3 and 7 Series cars.

IM Properties said it was selected ahead of a number of German competitors following eight months of negotiations which involved acquiring the land from five separate proprietors, local farmers who used the land for agricultural.

It has worked with Simon Reed, partner in the Birmingham office of property consultancy Knight Frank, over the past three years and the firm has been retained on a rolling contract by IM to advise on its European property investment strategy.

Construction is due to start imminently once a contractor has been appointed with around 200 people expected to work on the project.

IM Properties managing director Tim Wooldridge said: “This is the single most significant deal IM Properties has achieved on mainland Europe.

“This is the first of a number of forthcoming active management initiatives we are bringing to our German portfolio as we continue to strengthen our presence across Europe.”