AEW has invested on behalf of its urban logistics investment fund to buy assets in France and Germany worth €75m.
The global real estate manager said it has bought the Hamburg North Park and Eco-City Hub in Colombes, Paris, on behalf of ULLIS, the new urban logistics and light industrial fund.
AEW said these acquisitions bring the total amount of capital allocated on behalf of the fund to €200m across France and Germany, 10 months after its launch in March 2021.
Hamburg North Park, comprises an existing fully-let 12,300sqm logistics asset and 19,300sqm of development land which is located in Nordestedt, north of Hamburg. ULLIS plans to develop a prime multi-let, light industrial and city distribution park on the land.
Eco-City Hub consists of an 8,600sqm brand-new multi-storey city distribution asset.
Stéphane Bernard, fund manager of ULLIS, said: “ULLIS aims to build a large core portfolio of urban logistics and light industrial assets in major metropolitan areas of France, Germany and the Netherlands.
“Our first investments reflect the DNA of the Fund with an investment strategy mainly focused on build-to-core projects with the conversion of obsolete buildings and the regeneration of brownfield land into high-quality light industrial and logistics facilities.
“Our investment pipeline for 2022 is strong and we look forward to further expanding the platform with our local teams and development partners in Europe.”
AEW UK core property fund buys two assets
The AEW UK Core Property Fund has invested £13.6m (€15.8m) to buy two assets located in Reading and Dundee.
The Reading asset, acquired for £9m, is a retail, leisure and office block with prominent frontages on Friar Street, Station Road and County House & Harris Arcade.
The Dundee asset, acquired for £4.6m, is a leisure site located in Camperdown Leisure Park, spanning 53,733sqft of floor space.
Ed Long, director at AEW, said: “We are pleased to have acquired two more assets with very attractive fundamentals that aim to provide investors with high-quality returns.
“Both assets are in strong core locations, which will provide our tenants with high footfall, and stable customer flow.”
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