Global real estate investment and asset manager AEW has acquired a 78,000 m2 Grade A logistics development in the Dettelbach district of W眉rzburg, Germany.
Financial details for the off market deal were not disclosed.
The transaction was made on behalf of its specialist pan-European logistics strategy Logistis.
W眉rzburg East Park is pre-let to German fashion company s.Oliver on a 15 year lease and will serve as a central distribution warehouse for the brand鈥檚 activities in Europe.
Ludovic Bernini, fund manager of Logistis, commented: 'Securing land in Dettelbach is an important step for LOGISTIS, establishing a footprint in a strategic location which is in close proximity to the major logistics market of South Germany.
's.Oliver has had close ties with the W眉rzburg region for more than 50 years and we are pleased to add one of the largest employers in the region to our logistics platform.
'Initially planned as a speculative project, the fact that the scheme is already pre-let to a high quality occupier demonstrates the strength of demand for this type of product and location.鈥�
The scheme, which is being developed by Panattoni, is due to complete in early 2023 and is targeting DGNB Platinum certification through the use of smart metering, roof suitable for solar panels, LED motion lighting, bike storage and hire schemes and the partial use of renewable energies for cooling and heating.
The development is situated in the Dettelbach district, 15km from W眉rzburg city centre and close to the A7/A3 interchange. W眉rzburg benefits from close proximity to the major hubs of Frankfurt, Stuttgart, Manheim and Nuremberg in southern Germany.
Since the platform was launched in 1999, Logistis has built a 3.4 million m2 portfolio that comprises 117 logistics assets over 51 sites across Europe with a total value of approximately 鈧�4.1 bn and an ongoing development pipeline of around 鈧�1 bn.
AEW鈥檚 strategy for Logistis is to continue to diversify and grow its footprint across Europe鈥檚 main logistics hubs, deploying a develop-to-core strategy focused on strategic locations and assets, ranging from large multi-modal logistics parks to urban logistics platforms.
