has bought five German logistics buildings for MEAG, the investment arm of Munich RE and ERGO insurance group.
The assets, part of a logistics park in Worms, were acquired on behalf of MEAGβs European Logistics Fund.
The transaction means Heitman has created a portfolio of 10 logistics properties in Germany and France on behalf MEAG.
Heitman was to invest in European logistics by MEAG in 2013
The five buildings in Worms are fully occupied under a long-term lease by Trans Service Team, which will continue to occupy 50,043sqm in the park.
Gordon Black, senior managing director at Heitman, said: βThis acquisition is consistent with our German logistics aggregation strategy, which focuses on superior asset quality, location and tenancy.
βWorms is an established in-fill location for logistics and this park in particular benefits from the long-term lease commitment of Worms-based Trans Service Team.β
MEAG manages assets of around β¬265bn, of which about β¬10bn are held in real estate.
