Allianz Real Estate has acquired a special purpose vehicle (SPV) owning a newly built, last-mile logistics facility in southern Vienna for €72 mln.
The SPV has been sold to Allianz Real Estate by Exeter Property Group.
The prime facility sits 10 km from Vienna’s centre, located in the largest industrial and commercial area serving the Viennese market; it is also just 250 meters from the nearest Metro line. It is single tenanted by Amazon and is one of the company’s delivery stations in the region.
While the core building covers 9,000 m2, the total area being acquired including land covers 48,000 m2, with much of it being used to host the delivery vehicles needed to meet demand.
Allianz plans to install photovoltaic panels on the roof in line with its commitment to reducing carbon emissions by 25% by 2025 and becoming net-zero by 2050.
The logistics sector continues to be a central focus for Allianz Real Estate across all its markets as demand for high-quality facilities remains strong and long-term yields remain attractive. Allianz Real Estate’s global logistics portfolio grew to €8.8 bn in assets under management, with €3.8 bn in Europe, as at end-of 2020, up 22% year-on-year.
Deals announced at the end of last year include the acquisition of a 49% interest in a joint venture with Crow Holdings that will develop and own a build-to-core portfolio of 19 industrial assets in the US; and the acquisition of the Broni Logistics Park in Lombardy – the firm’s fifth logistics deal in Italy over the past 24 months.
‘We’re delighted to be able to acquire this highly attractive hub with a prime tenant servicing the high-growth, urbanized Vienna market,’ said Thomas Villadsen, director Austria & CEE at Allianz Real Estate. ‘Austria has not yet been viewed as a traditional logistics hub but this is an exceptional last-mile asset in an outstanding location.’
Hugues Braconnier, head of Logistics at Allianz Real Estate, said: ‘While we have acquired logistics assets in North & Central Europe indirectly, this is our first direct transaction in the region. We have built, and continue to build, one of the most well-positioned logistics portfolios globally, including last-mile centers, and this facility in Austria again underscores our focus on the highest quality assets.’
Allianz Real Estate was advised by CMS, Drees & Sommer, Westbridge Advisory GmbH, PWC and KPMG; Exeter engaged CBRE’s London and Vienna offices to manage a sales process which ultimately selected Allianz Real Estate as the buyer.
