AEW has purchased a last-mile logistics and business park development in Hanau, close to Frankfurt, for a pan-European separate account mandate on behalf of a German pension scheme. The seller is a Joint Venture of INBRIGHT and CONVALOR.
The scheme, which is due to complete in early 2023, will comprise three warehouse buildings totalling circa 28,000m² and will benefit from a DGNB Gold environmental certification, an almost fossil-free energy supply and solar panels on each building’s roof. Situated in Hanau, the asset benefits from an established location, positioned in one of Europe’s most important and sought after logistics hubs – the Rhine-Main region – which has more than 5 million inhabitants. In addition, the quality of the location is reflected in its proximity to Frankfurt and its easy access to the dense motorway network, which is in direct vicinity to the asset.
Marc Langenbach, Head of Funds & Separate Accounts Germany and KVG-Geschaftsführer at AEW, said: “This mandate focuses on core and value add opportunities in locations within Europe that are difficult to replicate and this investment is an attractive addition to the existing portfolio. The asset’s strong location in an established logistics hub and the heart of the Rhein-Main area, as well as its strong ESG fundamentals, are key for the mandate’s strategy.”
Niklas Rather, Executive Director Investment at AEW, added: “In terms of location and asset quality the acquisition is aligned well with this mandate’s strategy. We are pleased to have secured this opportunity for our client and are looking forward to working closely with the INBRIGHT team on the scheme, especially as we share their holistic ESG approach with regards to brownfield developments. Given the size of its consumer pool and its attractive connectivity, the asset will, upon completion, add modern and multifunctional logistics and business park space to a market which is subject to sustained positive development and high demand from a broad range of occupiers."
