Global investment firm AEW has acquired a fully let last-mile logistics park in the district of Marsdorf in Cologne for a pan-European separate account mandate on behalf of a German pension scheme.
The seller is Cologne-based AVI Allgemeine Verwaltung von Immobilien. Financial details were not disclosed.
The logistics park comprises three warehouses totalling some 27,000 m2 and a recently renovated office tower, which offers 6,000 m2 of space. The asset is 100% let to a mixture of state-backed and private sector occupiers and has a weighted average unexpired lease term of more than seven years.
Said Lars-Henning Pylla, fund manager of the separate account mandate at AEW, said: 'The portfolio strategy for the logistics segment of this mandate is primarily characterised by securing properties with medium- to long-term value appreciation potential in locations within Europe that are difficult to replicate.
'Due to its historical robustness - especially with regards to the historic development of average rents and space turnover - as well as the attractive demand-supply ratio, Cologne is a sustainable long-term investment location for this mandate.'
Launched in 2019, the mandate, on behalf of a German pension scheme, has rapidly expanded its geographic diversification by deploying capital across Finland, Denmark, Spain, Poland, and the Netherlands, with this transaction adding a sixth country to the list.
Niklas Räther, executive director investment at AEW, added: 'The combination of this high-quality location and attractive market fundamentals is rare. Given the size of its consumer pool, infrastructure landscape, and its geographical proximity to the seaports in Rotterdam and Antwerp, Cologne is one of the most sought-after locations in Germany.
'Consequently, the local logistics market is subject to sustained positive development. This acquisition in Marsdorf underscores the mandate’s strategy to selectively invest in the logistics sector.'
AEW was advised by Hogan Lovells, Jones Lang LaSalle and Ambiente, among others.