AEW acquires last mile distribution asset in Germany
AEW has acquired a modern last mile distribution centre located in Erfurt, central Germany. The asset has been acquired on behalf of a German separate account from GIEAG Immobilien AG, the Munich based developer.
The recently completed asset, which comprises c24,200 sq m of Grade A logistics space, is fully let to an American online retailer who signed a long term lease agreement. The asset received a DGNB Gold environmental rating and benefits from a strategic location granting easy access to the nearby motorways and Erfurt’s city centre.
The strategy for the mandate focuses on building a core logistics portfolio in key logistics hubs across Germany. This is the third acquisition for the mandate over the past nine months and is in line with its strategy to deliver a sustainable dividend yield.
Dr Marc Langenbach, Head of Funds & Separate Accounts Germany at AEW, says: “In just nine months, we have created a high quality portfolio of logistics assets in central distribution hubs across Germany benefitting from the network of our well-established German platform. The existing portfolio is strongly aligned to the investment strategy for this mandate and we have a healthy pipeline of opportunities that we are monitoring as we continue to deploy the remaining equity on behalf of our client.”
AEW was advised by Greenberg Traurig, TA Europe and Nova Ambiente.