US property company Heitman has acquired five logistics assets in Germany on behalf of a fund managed by Meag, the asset manager for German insurers Munich RE and Ergo.
The investment volume was not disclosed.
The transaction comes about six months after Heitman acquired two other assets in Munich and Bremen for Meag's European logistics fund. Overall, Heitman has built up a portfolio of 10 properties across Germany and France for the fund.
The latest properties are located at a logistics park in the city of Worms in Rhineland-Palatinate. All the buildings are fully leased to logistics service provider Trans Service Team, which occupies 50,000 m2 of space in the park.
'This acquisition is consistent with our German logistics aggregation strategy, which focuses on superior asset quality, location and tenancy,' said Heitman managing director Gordon Black. 'Worms is an established in-fill location for logistics and this park in particular benefits from the long-term lease commitment of Worms-based Trans Service Team.'
Meag had €258 bn of assets under management on behalf of Munich RE and Ergo and other institutional investors at end-March 2017. Real estate accounted for 4%, or €10 bn of the total.
