Allianz Real Estate is buying a 200,000sqm-plus portfolio in Europe, in a deal which represents the firm’s largest single logistics sector acquisition.

The real estate investment manager has agreed a forward-purchase deal to buy five logistics facilities in three European countries from DHL for an undisclosed amount.

German logistics firm DHL, which will be responsible for the development of the carbon-neutral assets, will occupy at least 85% of the facilities located in the Netherlands, Poland and Finland. The Finnish and Polish assets represent Allianz’s first-ever logistics assets in the countries.

The developments are expected to complete between the first quarter of 2023 and the first quarter of 2024.

Allianz said it also expects to expand the relationship with DHL through the acquisition of additional facilities in Europe in future.

Allianz manages a €14.2bn global logistics portfolio, half of which is located in Europe.

Kari Pitkin, the head of business development in Europe, Allianz Real Estate, said: “This high-profile transaction with a new prime partner in DHL further underscores the value Allianz Real Estate places on high-quality logistics assets in core markets in both established and fast-growing sub-markets.

“2022 has proven to provide opportunity in the sector and we expect to further expand our European portfolio as we look ahead.”

Joe Mikes, the global head of real estate solutions at DHL supply chain, said: “We are very proud to be able to offer our clients effective growth opportunities, with warehouses that are not only located in core markets and fulfil our clients’ needs, but also meet the highest ESG and sustainability criteria.

“This enables us and our customers to create business opportunities that are compatible with our Sustainability Roadmap, which aims to make every aspect of the supply chain more sustainable which of course also includes our real estate. We are very much looking forward to many more such projects in the future.”

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