Logistics real estate company Prologis has acquired an eleven building logistics portfolio with 260,000 m2 in Germany as part of its urban growth strategy.
The properties are located on 60 hectares of land in major population areas and target markets, namely Rhine-Ruhr, Berlin, Rhine-Main, Rhine-Neckar, Hannover, Ulm and Regensburg.
They include both turnkey buildings as well as new development opportunities, which will be upgraded to include rooftop solar, EV charging and LED lighting.
Two of the acquired buildings are short to mid-term redevelopments on approximately 27 hectares.
The seller is an open-ended special AIF (Spezialfonds) of German pension funds, insurance groups and foundations managed by UBS Real Estate.
Björn Thiemann, senior vice president, country manager, Prologis Germany said: ‘Germany is a growing market and this acquisition allows us to better serve both existing and future customers. Importantly, most of the properties are in urban infill locations, which helps our customers be that much closer to the end consumer.’
Peter Rocker, director and head of transactions for Germany at UBS-AM REPM added: ‘This transaction represents the realization of our investment strategy in the region, which involves leveraging the favorable market environment and creating a stable income basis with long-term growth potential.’
One-third of the UBS portfolio is leased to Prologis’ existing global customers, while the transaction will also add two new large and several smaller new customers.
JLL, Hogan Lovells and AECOM advised Prologis, while BNP and DLA Piper represented the seller.
