AEW has bought a last-mile logistics and business park development in Germany on behalf of an unnamed German pension scheme.

The real estate manager said it has acquired the asset in Hanau, close to Frankfurt for the pan-European separate account mandate it manages on behalf of the pension scheme.

The logistics park project was acquired from Inbright and Convalor for an undisclosed amount.

The project, which is due to complete in early 2023, will comprise three warehouse buildings totalling 28,000sqm.

AEW said the mandate, launched in November 2020, has expanded its geographic diversification by deploying €350m of capital across Germany, Austria and the Netherlands.

The mandate’s strategy is to create a “robust portfolio of logistics and office assets that are well placed to withstand external market effects”, such as the pandemic environment, the manager said.

Marc Langenbach, the head of funds and separate accounts in Germany and KVG-Geschäftsführer at AEW, said the 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 Räther, executive director investment at AEW, said: “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.”

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