AEW has acquired a newly built logistics asset in Germany on behalf of its open-ended pan-European core fund.

The manager said the fully let 50,200sqm asset in Hanover-Sehnde was acquired on behalf of the Eurocore fund.

AEW said the asset has “strong sustainability credentials” and is targeting the DGNB ‘GOLD’ environmental label. It also features PV installations, air source heat pumps, e-charging facilities, a partially green façade, and LED light systems, the manager added.

Jeffrey King, fund manager at AEW, said: “Since its launch, Eurocore has so far invested €525m across a mix of logistics, residential and life science assets in seven countries.

”This is our second acquisition in the German logistics space for our Eurocore fund where we continue see value for well-located assets which meet the long-term requirements of occupiers.”

Niklas Räther, executive director of investment in Germany at AEW, said: “Hanover-Sehnde is a high-quality, sustainable logistics asset generating long term income and constitutes an attractive core investment opportunity in one of Germany’s leading markets.

”The fact we were able to source this acquisition off market is also testament to our strong network on the ground.”

To read the latest IPE Real Assets magazine click here.