Real estate investor AEW has bought a German logistics property on behalf of one of its funds.

The 鈧�62bn manager said it acquired the 25,000sqm Europaring 34-40 asset in Kerpen from a German closed-end real estate fund. Financial details were undisclosed.

Europaring 34-40 was built in 1991 and extended in 1997. AEW said it has identified an opportunity to reposition the asset once the current occupier, who is relocating to a nearby scheme in spring 2019, vacates the property.

Alexander Strassburger, the executive director of investment for AEW in Europe, said: 鈥淭his acquisition is strongly aligned to our value-add strategy, targeting repositioning opportunities and urban industrial assets.

鈥淲ith the planned relocation of the single tenant, we have an opportunity to generate value by repositioning this well-maintained asset to attract new occupiers, enabling us to benefit from both the robust demand and limited supply for logistics space in the Cologne region.鈥�

AEW manages over 鈧�29bn of real estate assets in Europe on behalf of a number of funds and separate accounts.

 

 

 

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