DeAWM takes delivery of logistics from Commerz Real in €108m deal

Deutsche Asset & Wealth Management (DeAWM) has acquired a portfolio of airport logistics properties from fellow German fund manager Commerz Real for €108 mln.

Deutsche Bank's real estate investment business was acting on behalf of its Grundbesitz Europa open-ended real estate fund, while Commerz Real was selling from its open-ended real estate fund, Hausinvest.

The 54,000 m2 portfolio comprises Celebi Luftfrachtbasis in Cargo-City South at Frankfurt Airport; Logicpark Airport in Kelsterbach, which is also in the immediate vicinity of Frankfurt Airport; and the Hermes HUB not far from Hanover Airport in the city’s Langenhagen district.

Commerz Real purchased the properties from 2009 to 2011.

'Against the background of the strong demand on the part of investors for high-quality logistics real estate in the immediate vicinity of airports it was an excellent point in time for the fund to complete a sale,' said Robert Bambach, board member of Commerz Real. 'This does not at all mean, however, that Hausinvest is withdrawing completely from the logistics sector. We are retaining our real estate in Harlow, England, and renewed investments in this segment so as to ensure the desired portfolio blend cannot be excluded.'