Having raised €834 mln for its Logistis fund last year, AEW Europe is expanding further in the German market with the acquisition of nextpark GG RheinMain, a 120,000 m2 logistics park development located 20 kilometres from Frankfurt airport.

Having raised €834 mln for its Logistis fund last year, AEW Europe is expanding further in the German market with the acquisition of nextpark GG RheinMain, a 120,000 m2 logistics park development located 20 kilometres from Frankfurt airport.

The €110 mln project consists of four buildings and is due for completion in 2017. The project will be managed by Frankfurt-based developer Nextparx Group.

The transaction marks a further step in AEW Europe’s expansion into Germany, following the acquisition of a 30,000 m2 logistics development in Bremen last year.

Logistis, which raised an additional €834 mln in December, currently has a warchest of over €1.3 bn. New investors comprise a number of Asian and European institutional investors, including Dutch heavyweight pension funds APG and PGGM.

The platform currently manages 22 Grade A logistics estates in France, Germany, Italy, Spain, the Czech Republic and Belgium valued at €950 mln.

In the last six months, AEW Europe has acquired over €270 mln of logistics properties on behalf of Logistis. New acquisitions will mainly focus on Germany, Benelux and selected markets in Central Europe, the group said.

'This investment was again sourced off market, demonstrating the quality of our network of preferred partners. We look forward to continuing to grow our pan-European presence and have a strong pipeline of potential transactions,' commented Gereon Kohlgrüber, head of investments for Germany at AEW Europe.

The purchase follows hot on the heels of AEW's acquisition last week of a 255,000 m2 logistics park in Prague from Panattoni Europe for a total completed value of €150 mln.

The property is under development and fully pre-let to Amazon.