Investment manager AEW has acquired a logistics property, Europaring 34-40, in Kerpen on behalf of one of its funds. The seller of the asset, which is located close to Cologne, is a German closed-end real estate fund.
Financial details were not disclosed.
Europaring 34-40, which was built in 1991 and extended in 1997, comprises a total lettable area of approximately 25,000 m2 of logistics and office space.
AEW said it had identified an opportunity to reposition the asset and capitalise on the demand for logistics space in the region once the current occupier, who is relocating to a nearby scheme in spring 2019, vacates the property.
'This acquisition is strongly aligned to our value add strategy, targeting repositioning opportunities and urban industrial assets,' commented Alexander Strassburger, executive director of investment for AEW in Europe.
'With the planned relocation of the single tenant, we have an opportunity to generate value by repositioning this well-maintained asset to attract new occupiers, enabling us to benefit from both the robust demand and limited supply for logistics space in the Cologne region.'
The asset is situated approximately 15 km to the west of Cologne and around 50 km from Bonn in Kerpen.
AEW was advised by Hogan Lovells (legal), BNP Paribas (commercial) and JLL (technical). Financing was provided by LBBW. The seller was advised by CBRE.
