Invesco and Universal Investment ink German shed deal

Universal-Investment has acquired a portfolio of six logistics assets in the metropolitan areas of Frankfurt and Munich, on behalf of a reserved alternative investment fund (RAIF), from a joint venture between MP Holding and Isarkies.

Financial details were not disclosed.

The forward-funded transaction was made on behalf of a new mandate, which Universal-Investment-Luxembourg manages for Invesco Real Estate’s long-standing German client, Bayerische Versorgungskammer (BVK). The deal was executed on the recommendation of Invesco.

'We’re delighted with BVK’s confidence in us as an investment advisor, and to be awarded a second advisory mandate,' said Steffen Pilopp, managing director – fund management at Invesco.

'In addition to its existing core-mandate, the new investment strategy will focus on pan-European logistics. It represents a significant next step in our longstanding relationship with BVK, recognising the strong track record we have delivered with our manage-to-core approach, our established local partnerships and deep knowledge of the European logistics market,' Pilopp added.

The logistics portfolio development consists of six parks with a total lettable area of 71,000 m2. The assets are located near the cities of Munich and Frankfurt am Main - in Maisach, Moosburg, Dingolfing, Neu-Isenburg, Nordenstadt and Weiskirchen - and will be completed between the end of 2019 and beginning of 2020.

Four of the six Grade A logistics properties are pre-let to blue-chip tenants, including BMW, and are well located for last-mile-logistics, Invesco said.

The advisers to Invesco were Gleiss Lutz (legal), SMV (technical) and Ernst &Young (tax). MP Holding and Isarkies were legally supported by GSK Stockmann.



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