AEW Europe purchases €110 mln logistics development in Frankfurt (DE)

AEW Europe purchases nextpark GG RheinMain, a 120,000 m² logistics park development located 20km from Frankfurt airport, on behalf of its LOGISTIS Fund.
The transaction follows the recent successful final close of LOGISTIS, on behalf of which AEW Europe raised an additional €834 mln, bringing total equity to more than €1.3 bln, and marks a further step in AEW Europe’s expansion into Germany, following the acquisition of a 30,000 m² logistics development in Bremen last year.
Strategically positioned near the A3, A5 and A67 motorways, the €110 mln development in Groß-Gerau, Frankfurt consists of four high quality logistics buildings which will be divisible to provide multi-let units of at least 10,000 m²each. On full completion, which is expected in 2017, nextpark GG RheinMain’s total let-able area will be c. 120,000 m².
The project will be managed by Frankfurt-based developer Nextparx Group, consistent with AEW Europe’s growth strategy for LOGISTIS of working with local developers to build a portfolio of Grade A logistics parks in prominent locations across the main logistics hubs in Continental Europe. LOGISTIS currently manages 22 Grade A logistics estates in France, Germany, Italy, Spain, the Czech Republic and Belgium valued at c. €950 mln, all of which were acquired through a similar development strategy over the last 14 years.
Gereon Kohlgrüber, Head of Investments, Germany at AEW Europe said: “We are pleased that this investment was again sourced off market demonstrating the quality of our network of preferred partners. We look forward to continuing to grow our pan-European presence and have a strong pipeline of potential transactions.”
Source: FTI Consulting