GLOBAL - Pan-European real estate investment manager AEW Europe and GLL Real Estate Partners have completed a logistics investment deal in France worth €177m.
AEW acted on behalf of the Curzon Capital Partners II Fund (CCPII), and GLL acquired the portfolio on behalf of one of its fund accounts.
The portfolio comprises eight logistics assets. CCPII acquired the assets with a value-add strategy focused on increasing occupancy and creating a high-quality core logistics portfolio.
Merrick Marshall, head of asset management for AEW Europe in London, said: "Values in the French logistics sector have rebounded strongly since the credit crisis, and this is a very opportune time to sell some exceptional assets, both in terms of quality and location, and to lock-in robust returns for our investors."
Meanwhile in the UK, Albion Land has announced that Goodrich CTG has taken a 137,000 square foot property, which includes 37,000 square feet of offices, located at Network M40 in Banbury for £9m (€10.3m).
Construction of the new property is expected to be completed by spring 2012.
Colliers acted for Goodrich CTG, while Jones Lang LaSalle and White Commercial advised Albion Land.
In other news, Legal & General Property, LaSalle Investment Management and Hermes Real Estate Investment Management have appointed Jones Lang LaSalle for the sale of the UK Logistics Fund (UKLF).
UKLF currently comprises 12 prime logistics properties, with a south-of-England bias, delivering an average unexpired lease term of 15.5 years to expiry.
It also owns two completed (un-let) developments and a development site.
The fund was launched in 2006 and has grown to £320m, with 12 assets and one development site.
Moving to Germany, a Swiss investor has acquired part of the Alexander Parkside project, which includes a 135-unit serviced apartment house, from Alexander Parkside.
The buyer, whose identity has not been disclosed, plans to operate the house.
The complex under construction at Alexanderplatz will have a gross floor area of about 31,000 square meters for two hotels and a hostel that together will provide some 550 rooms and 200 apartments.
The project is expected to reach completion during spring 2012.
Still in Germany, Quantum has acquired a 252-unit apartment portfolio in Hanover for the Habitare special fund from Geres Investment. The deal is worth around €18m.
Approximately 150 of the homes are located in the Gross-Buchholz district, while the remaining units are located in the southern part of Hanover.
Finally, HCW Pension Real Estate Fund has entered into a purchase and sale contract with an Alabama corporation, Capstone Development, to sell an apartment complex in Illinois, US.
Lewis Park Apartments will be sold for $11.2m (€8.2m), and Capstone Development will make an initial deposit of $100,000 for the acquisition of the property.