Hines is planning to invest €400m in German logistics properties over the next two years, the real estate manager said today as it announced the acquisition of a 36,000sqm asset.

Hines - which currently manages €4.1bn worth of properties in Germany - said as the first property acquisition under the new strategy, it purchased the fully-leased complex in Maintal near Frankfurt for the Hines Global Income Trust.

The building was sold by private investors Werner Gutperle and Jürgen B Harder for an undisclosed sum.

Hines said the plan over the next 18-24 months is to invest about €400m in logistics properties in the German market.

With the new strategy, Hines said it is expanding its established investment approach and concentration on core properties.

There will also be a focus on development projects in selected locations, it said.

Christian Meister, managing director at Hines, said: “With this acquisition, we are consequently following our new investment strategy and demonstrating our growth ambitions in this asset class after the purchases of several core properties in recent years.

“Our focus is on core-plus and value-add properties in good to excellent locations. Moreover, along with investments in the logistics sector, we will also be active as a project developer.”

Alexander Möll, senior managing director at Hines, said: “Against that backdrop, and after an extensive review of various options, we will also begin making selective investments in the logistics development business in course of 2019.

“This will include the purchase of land as well as existing buildings. The developed properties are intended both for our own portfolio and for market sale”