Paris-based AEW Europe is acquiring a distribution centre from German wholesale retail group Metro in a forward-funding transaction on behalf of its Logistis fund, which has €2.2 bn of logistics assets across Europe.
The latest acquisition will comprise a total of 49,500 m2 of logistics space once completed and handed over to Metro next month.
The property is fully pre-let to the Metro Group on a long-term lease. The vendor was Hamburg-based developer Ixocon.
The distribution centre is located on the A6 motorway in Kirchheim an der Weinstraße, 85 kilometres south of Frankfurt in the Rhine-Neckar region of Germany.
'Through this high-quality development project with Metro and Ixocon, we have successfully reinforced our footprint in the German market, which is of strategic importance to Logistis,' said Logistis fund manager Rémy Vertupier. 'We look forward to further developing our relationship with Ixocon in Germany, as we continue to grow the Logistis platform across European markets with the objective to reach a portfolio size of more than €3 bn.'
AEW was advised by Greenberg Traurig and Gleeds and Ambiente.
The company said the acquisition extends Logistis' presence in Germany, which now totals 220,000 m2, and strengthens the fund's existing relationship with Metro.
Created 18 years ago, Logistis owns over 2.5 million m2 of prime logistics space. The portfolio comprises 75 Grade A logistics assets, plus another 25 under development, across 40 sites in France, Germany, Belgium, the Netherlands, Poland, the Czech Republic, Italy and Spain. with an occupancy rate of 9%, the portfolio is valued at €2.2 bn.
