EUROPE – MEAG, the asset management arm of Munich Re and ERGO, has awarded a mandate to Heitmann to invest in core logistics assets in Europe.

Structured as a German Spezialfonds, the strategy will be to build up a portfolio of long-let properties in Germany, France and UK, and selectively in the Netherlands and Belgium.

Günter Manuel Giehr, global head of real estate, said MEAG was "permanently looking for attractive investment opportunities in all real estate sectors".

He added: "From our perspective, logistics properties belong to a real estate sector that produces lasting and stable income, and this suits our investment strategy very well.

"We have asked the experienced international asset manager Heitman, with its strong background in institutional investment, to execute this mandate.

"This enables us to invest efficiently in European logistics and increase our allocation in this sector."

Heitman, headquartered in Chicago, manages approximately $26bn (€19bn) in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific.

Gordon Black, co-head of Heitman’s European private real estate equity group, said: "Heitman has a long history in the European logistics sector due to its favourable risk-return profile and the ability to add value through asset selection and portfolio aggregation."

Rob Reiskin, who manages Heitman’s European private real estate business alongside Black, said: "We are delighted by our recent appointment for this mandate and look forward to delivering excellent investment results for this important new client of the firm."