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 c. 24,200m² 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.
Dr Marc Langenbach, Head of Funds & Separate Accounts Germany at AEW, commented: “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.”