Financial details were not disclosed.

located in Ladenburg east of Mannheim, in south-west Germany, the warehouse was acquired from PGIM Real Estate and Panattoni on behalf of Encore+.

David Ironside, fund manager for Encore+ at LaSalle, said: 'With this acquisition, we are increasing our allocation to the logistics sector – a segment that plays an important role in our long-term planning, not least thanks to its resilience to crises.

'This is because the German logistics market is on an upward trend. I am pleased for our investors that we have succeeded in acquiring this property for Encore+.

'Due to the long-term letting, the multifunctional space use possibilities as well as the state-of-the-art equipment, the property fits perfectly into our fund portfolio.'

The logistics property, which was completed in the summer of 2021, comprises a total of 56,864 m2 of multifunctional space.

This extends over three units, ranging from 8,000 m2 to almost 23,000 m2, which can be further divided up. The property produces part of the energy required for its running via a photovoltaic system on the roof; this provides a habitat for the locally native lizards.

Featuring LED lighting and charging stations for electric vehicles, the buildings have been developed according to the DGNB Gold standards, with Platinum certificates also applied for.

The property is leased on a long-term basis to sole user Neska Schifffahrts- und Speditionskontor. The logistics service provider is a wholly owned subsidiary of Häfen & Güterverkehr Köln (HGK).

Andreas Wesner, head of transactions Northern Continental Europe at LaSalle, added: 'The property is excellently located in an environment with scarce logistics space. The Rhine-Neckar metropolitan region is one of the strongest business locations in Germany and is also an important logistics market.

'As a result, the vacancy rate is low and the supply of space sizes for comprehensive ambitious projects is very limited, which is reflected not least in above-average rising rental prices. An excellent starting point from which the property as well as our investors will benefit sustainably.'

LaSalle was advised on the transaction by Hogan Lovells (Legal & Tax), Gleeds (Technical), BrandBerger (Construction Monitoring) and CBRE (Buy-Side). The property was marketed by Colliers.