Global investor and asset manager AEW has acquired a modern last mile distribution centre in Erfurt, central Germany from GIEAG Immobilien, the Munich-based developer.
Financial details were not disclosed.
The recently-completed asset was acquired on behalf of a German separate account, according to AEW, and comprises 24,200 m2 of Grade A logistics space, which has been rated DGNB Gold. The property is fully let to an American online retailer on a long-term lease.
The strategy for the mandate focuses on building a core logistics portfolio in key logistics hubs across Germany. This is the third acquisition for the mandate over the past nine months and is in line with its plans to deliver a sustainable dividend yield, AEW said.
Dr Marc Langenbach, head of funds & separate accounts Germany at AEW, commented: 'In just nine months, we have created a high quality portfolio of logistics assets in central distribution hubs across Germany benefitting from the network of our well-established German platform.
'The existing portfolio is strongly aligned to the investment strategy for this mandate and we have a healthy pipeline of opportunities that we are monitoring as we continue to deploy the remaining equity on behalf of our client.'