Allianz Real Estate has added a prime facility in Polch, Germany to its European logistics portfolio.

The manager said it has acquired the pre-let MultiBusinessHub Mittelrhein from developer Lang & Cie Industrial in a forward-purchase deal. 

Financial details were undisclosed.

The facility, which is located between the metropolitan areas of Cologne and Bonn, comprises six warehouses, each with a net lettable area of 10,000sqm. The facility is expected to be completed in 2024.

Nicole Pötsch, the head of investments and strategic development for North and Central Europe, Allianz Real Estate, said: “This off-market deal represents a rare opportunity to add a newly built, prime logistics asset in the high-growth German market to our expanding logistics portfolio.

“Logistics continues to be a high-conviction theme for us due to the sector’s resiliency and the attractiveness of its long-term yields and we are particularly attracted to the sustainability features of this facility.”

The latest acquisition follows other notable logistics deals Allianz Real Estate has made so far this year, including a joint venture with VGP to develop a portfolio of prime assets in Germany, the Czech Republic, Hungary and Slovakia; the acquisition of a three-asset, portfolio in the Nordics; the acquisition of a new 70,000sqm facility in Norrköping, Sweden; and a seven-year refinancing facility to Intospace for a portfolio of six assets in the Netherlands.

The manager has a global logistics portfolio worth €13.9bn, of which €7.1bn is in Europe.

To read the latest edition of the latest IPE Real Assets magazine click here.