Heitman has bought five German logistics buildings for MEAG, the investment arm of Munich RE and ERGO insurance group.
The assets, part of a logistics park in Worms, were acquired on behalf of MEAG’s European Logistics Fund.
The transaction means Heitman has created a portfolio of 10 logistics properties in Germany and France on behalf MEAG.
Heitman was awarded a mandate to invest in European logistics by MEAG in 2013
The five buildings in Worms are fully occupied under a long-term lease by Trans Service Team, which will continue to occupy 50,043sqm in the park.
Gordon Black, senior managing director at Heitman, said: “This acquisition is consistent with our German logistics aggregation strategy, which focuses on superior asset quality, location and tenancy.
”Worms is an established in-fill location for logistics and this park in particular benefits from the long-term lease commitment of Worms-based Trans Service Team.”
MEAG manages assets of around €265bn, of which about €10bn are held in real estate.