Augsburg-based Patrizia has sold a major logistics portfolio across key German hubs for more than €500 million.
AEW acquired the portfolio of 14 logistics assets in Germany through the acquisition of a fund managed by PATRIZIA and Garbe. The so-called Roots Portfolio was bought on behalf of a German insurance investor.
The approximately 285,000 sq m portfolio, which is 96% let, includes assets in Munich, Frankfurt, Stuttgart and Hamburg.
The 14 assets are a balanced mix of high quality distribution and cross-dock properties and is occupied by companies such as DB Schenker, DSV and Dachser.
AEW head of investment Germany Gereon Kohlgrüber said, “our plan is to reduce vacancy whilst unlocking the reversionary potential of the portfolio to generate further upside potential over the next few years.”