Hansainvest Real Assets has acquired a 22,450sqm German asset for its new European logistics fund.

The manager’s Hansa Europe Logistic Fund has paid €18.5m to buy the property in Hof in northern Bavaria from a joint venture between Verdion and the List Group.

The asset, pre-let to German logistics company Dachser, is currently under construction and scheduled for completion in the fourth quarter of 2020.

Philipp Middendorp, head of logistics acquisitions at Hansainvest Real Assets, said: “With this successful purchase our Hansa Europe Logistic Fund has already acquired the fifth logistics property and the first piece of real estate in Germany in a very short space of time.”

André Banschus, executive director of Verdion, said: “This modern, customised built-to-suit project, coupled with a strong tenant such as Dachser, provides true added value for every core portfolio.

“In addition, there is a focus on sustainability. One example: the supporting structure for the roof is made entirely of wood, and thus from a renewable raw material, which also binds CO2. The project is running to schedule and will be completed in the fourth quarter.”