AEW has emerged as the buyer for a 13-asset logistics portfolio in Germany which was put up for sale earlier this year by landlords Patrizia and Garbe.
CoStar, which first reported the news, said that AEW is paying some €500 mln for the Roots package in a deal brokered by agent CBRE.
PropertyEU reported in June that Patrizia was seeking €450 mln for the portfolio - the first large logistics package to be offered for sale since the easing of coronavirus restrictions.
The portfolio comprises 13 assets which one adviser described as ‘good assets in good markets; not super trophy, but very strong’.
The properties are held in a fund launched several years ago by Garbe with Triuva. Triuva was taken over by Patrizia in 2017.
Patrizia declined to comment.