European fund manager AEW has announced the acquisition of a last-mile logistics and business park development in Hanau, close to Frankfurt, for a pan-European separate account mandate on behalf of a German pension scheme.
The seller is a joint venture of German developers Inbright and Convalor. Financial details were not disclosed.
The scheme, which is due to complete in early 2023, will comprise three warehouse buildings totalling 28,000 m2 and will benefit from a DGNB Gold enviromental certification, an almost fossil-free energy supply and solar panels on each building’s roof.
Launched in November 2020, the mandate, on behalf of a German pension scheme, has expanded its geographic diversification by deploying €350 mln of capital across Germany, Austria and the Netherlands. The mandate’s strategy is to create a robust portfolio of logistics and office assets that are well placed to withstand external market effects, such as the pandemic environment.
Marc Langenbach, head of funds and separate accounts Germany and KVG-Geschäftsführer at AEW, said: ‘This mandate focuses on core and value add opportunities in locations within Europe that are difficult to replicate and this investment is an attractive addition to the existing portfolio. The asset’s strong location in an established logistics hub and the heart of the Rhein Main area, as well as its strong ESG fundamentals are key for the mandate’s strategy.’
AEW was advised by Simmons & Simmons, Drees & Sommer and Nova Ambiente.