DWS buys French logistics portfolio for open-ended core European fund
DWS has bought a logistics portfolio of six assets in France for €92.3m on behalf of its open-ended Pan European core real estate fund.
The asset manager said the portfolio, which are located in Dreux, Chanteloup-les-Vignes, le Coudray-Montceaux, Baule, Bruges and Lhospitalet, is made up of more than 109,000sqm of warehouse space.
The portfolio is currently 99% let to a diverse tenant mix.
The details of the vendor were undisclosed.
Jessica Hardman, the head of real estate in the UK at DWS, said: “The portfolio aligns well with the geographic and target allocations of our fund.
“Tenant demand for regional logistics should remain strong given a shortage of grade-A space and improving economic conditions in France.”
This acquisition is the second deal for DWS’s institutional open-ended Pan European, core real estate fund. It follows the recent acquisition of a residential portfolio comprising 12 assets in central locations across the Netherlands.
DWS is Deutsche Asset Management’s new global brand.