Belgian industrial real estate investment trust Warehouses De Pauw formed a 50/50 joint venture with Germany-based property company VIB Vermögen AG to develop logistics assets in the German markets of North Rhine-Westfalia, Bremen and Hamburg.

The partners signed a contract to purchase about 80,000 square meters of land in an industrial zone in Gelsenkirchen.

The venture plans to build a logistics facility on the property after municipal site remediation, which is not expected before the fourth quarter of 2020.