Real estate asset manager AEW is buying a 78,000sqm logistics development in Dettelbach, German for an undisclosed amount.
AEW said it has agreed to buy the pre-let Würzburg East Park on behalf of its specialist pan-European logistics strategy Logistis.
The scheme, which is being developed by Panattoni, is due to complete in early next year.
Ludovic Bernini, fund manager of Logistis, said securing land in Dettelbach is an important step for Logistis, establishing a footprint in a strategic location which is in close proximity to the major logistics market of South Germany.
“Initially planned as a speculative project, the fact that the scheme is already pre-let to a high-quality occupier demonstrates the strength of demand for this type of product and location.”
Launched in 1999, the Logistis strategy currently has a 3.4m sqm portfolio comprising 117 logistics assets over 51 sites across Europe with a total value of approximately €4.1bn and an ongoing development pipeline of around €1bn.
AEW was advised on the deal by GSK, Cushman & Wakefield and Ambiente.
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