URBZ Capital & NW1 Partners Launch TERRYN, Targeting €500M German IOS Platform

By Nazish Shah • Thu Sep 24 2026

URBZ Capital and NW1 Partners have launched TERRYN, a new institutional Industrial Outdoor Storage (IOS) platform in Germany, with a target investment volume of approximately €500 million.

Germany will serve as an anchor market for TERRYN’s broader pan-European strategy. CBRE Investment Management is supporting the platform as a key capital partner, with a €200 million equity commitment for Germany. The platform’s initial portfolio comprises five sites totalling around 220,000 sqm.

TERRYN aims to consolidate Europe’s fragmented IOS market by building an institutional-grade portfolio of strategically located sites across urban infill areas and established industrial and logistics clusters. The platform will pursue both direct acquisitions and sale-and-leaseback transactions, typically targeting properties of around 10,000–100,000 sqm and larger, with individual transaction values ranging from €5 million to €50 million.

“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,” said Ali Nassiri, Co-Founder & Managing Partner of URBZ Capital.

David Boyle, Co-Founder & Managing Partner of NW1 Partners, added: “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.”

Industrial Outdoor Storage covers operational properties such as truck and equipment depots, parking and storage yards, workshops, and small warehouse or transshipment facilities. TERRYN’s strategy is focused on locations that are important to the daily operations of logistics, transport, construction, industrial and energy companies.

Peter Wenzel has been appointed Managing Director of TERRYN in Germany. With around 20 years of experience in institutional real estate, Wenzel previously led M7 Real Estate Germany and held senior roles at RLI Investors, 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,” said Peter Wenzel, Managing Director of Terryn.

TERRYN has also opened its Frankfurt headquarters and is building a dedicated German team as it works towards establishing a broader pan-European IOS platform.