PGIM Real Estate has acquired five logistics assets in Germany on behalf of the investors in its European core strategy.
Financial details were not disclosed.
The property arm of Prudential Financial’s PGIM asset management unit has bought Cargo City South, a logistics and office property near Frankfurt Airport, and a portfolio of four logistics properties in the Berlin metropolitan area.
‘With these acquisitions, we have achieved our aim of allocating a high proportion of the fund’s assets to logistics,’ said Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s European core strategy. ‘The transactions play to our defensive investment philosophy regarding the European market and support our aim to deliver long-term outperformance with low volatility through cashflow diversification. The proximity of the assets to major consumer hubs increases the already high resilience of our portfolio in the current Covid-19 induced market uncertainty.’
Cargo City South
With almost 8,000 m2 meters of rental space, Cargo City South is located next to the new Terminal 3 at Frankfurt Airport, benefitting from 24/7 customs accessibility and a desirable location for delivery services. The property is 91% leased.
Berlin portfolio
With over 100,000 m2 of floor space, the properties are located in the districts of Ludwigsfelde, Großbeeren and Freienbrink.
