PGIM Real Estate’s European core strategy, which seeks to have an overweight to logistics, has added five logistics assets in Germany to its portfolio.

The manager has paid an undisclosed sum for the Cargo City South logistics and office property near Frankfurt Airport and a portfolio of four logistics properties in the Berlin metropolitan area.

Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s European core strategy, said: “With these acquisitions, we have achieved our aim of allocating a high proportion of the fund’s assets to logistics.”

Kallenbrunnen said the proximity of the assets to major consumer hubs increases the already “high resilience of our portfolio in the current COVID-19 induced market uncertainty”.

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