AEW has purchased Hamburg North Park and Eco-City Hub in Colombes, Paris, on behalf of its urban logistics and light industrial fund, ULLIS. These acquisitions, totalling €75m, bring the total amount of capital allocated on behalf of the Fund to €200m across France and Germany, 10 months after its launch in March 2021.
ULLIS has acquired Hamburg North Park, comprising an existing fully-let 12,300m² logistics asset and 19,300m² of development land which is located in Nordestedt, north of Hamburg. The Fund plans to develop a prime multi-let, light industrial and city distribution park on the land with one of its historical development partners.
Eco-City Hub consists of an 8,600m² brand-new multi-storey city distribution asset located in Colombes, within Paris’ highly supply-constrained first ring market which offers direct access to the A86.
Stephane Bernard, Fund Manager of ULLIS, commented: "ULLIS aims to build a large core portfolio of urban logistics and light industrial assets in major metropolitan areas of France, Germany and the Netherlands. Our first investments reflect the DNA of the Fund with an investment strategy mainly focused on build-to-core projects with the conversion of obsolete buildings and the regeneration of brownfield land into high-quality light industrial and logistics facilities. Our investment pipeline for 2022 is strong and we look forward to further expanding the platform with our local teams and development partners in Europe".
