Deutsche Bank's real estate investment management arm, RREEF has acquired a 69,000-m2 logistics platform in Cestas, near Bordeaux, for a total of EUR 42 mln. The property, which is earmarked for RREEF's Grundsbesitz Europa open-ended real estate fund, was acquired from a vehicle managed by fund management firm AEW Europe. The transaction was partly financed by German lender Helaba.

Delivered in 2007/2008, the asset is fully leased to Cdiscount, part of the French Casino Group.

This is the second acquisition by RREEF in France in the past two weeks. In mid-July, the global real estate investment manager bought the Docksite office property in Lyon for EUR 46.5 mln. The transaction was conducted by RREEF on behalf of one of its German special funds (Spezialfonds).