Real estate investor AEW has bought a German logistics property on behalf of one of its funds.
The €62bn manager said it acquired the 25,000sqm Europaring 34-40 asset in Kerpen from a German closed-end real estate fund. Financial details were undisclosed.
Europaring 34-40 was built in 1991 and extended in 1997. AEW said it has identified an opportunity to reposition the asset once the current occupier, who is relocating to a nearby scheme in spring 2019, vacates the property.
Alexander Strassburger, the executive director of investment for AEW in Europe, said: “This acquisition is strongly aligned to our value-add strategy, targeting repositioning opportunities and urban industrial assets.
“With the planned relocation of the single tenant, we have an opportunity to generate value by repositioning this well-maintained asset to attract new occupiers, enabling us to benefit from both the robust demand and limited supply for logistics space in the Cologne region.”
AEW manages over €29bn of real estate assets in Europe on behalf of a number of funds and separate accounts.