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.

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