US private equity firm The Carlyle Group has acquired three distribution logistics assets in Germany from Nuveen Real Estate and Palmira. 

The 51,800sqm portfolio – located in Munich, Hanover and Ulm – was acquired for Carlyle Europe Realty, a €540m pan-European real estate fund.

The Carlyle said it was the first “add-on acquisition” for the 27-asset logistics platform it acquired in October.

Erik Orbach, director on the Carlyle Europe Realty advisory team, said: “We are delighted to make the first addition to our German logistics platform. The three assets are well-located, high-quality and complementary to our existing assets.

”They further grow our exposure to what is an attractive and fast-growing segment of real estate. We remain active in continuing to identify and acquire additional logistics opportunities across both Germany and France.”

In December, Carlyle Europe Realty sold an Italian logistics platform for €270m to AXA Investment Managers-Real Assets.