AEW has acquired a fully let last-mile logistics asset in the district of Marsdorf in Cologne for a pan-European separate account mandate on behalf of a German pension scheme.
The seller is Cologne-based AVI Allgemeine Verwaltung von Immobilien GmbH.
The logistics park comprises three warehouses totalling c. 27,000 sq m and a recently renovated office tower, which offers c. 6,000 sq m of space. The asset is 100% let to a mixture of state-backed and private sector occupiers and has a WAULT of more than 7 years.
Situated in Cologne-Marsdorf’s commercial precinct, the last-mile asset is in an established location, close to one of Germany’s most frequented traffic hubs, the Autobahn junction Cologne-West – where the A1 and A4 cross – which connects the area with the “Güterverkehrszentrum” (GVZ) to the south. In addition, the quality of the location is reflected in its proximity to the city centre: Cologne’s Neumarkt, which is situated approximately seven kilometres away and can be reached in around twenty minutes. The public tram line 7 stop, “Marsdorf”, is also right next to the logistics park while the Bundesstraße 264/Aachener Straße provides a direct link by car.
Lars-Henning Pylla, Fund Manager of the Separate Account mandate at AEW, explained: “The portfolio strategy for the logistics segment of this mandate is primarily characterized by securing properties with medium- to long-term value appreciation potential in locations within Europe that are difficult to replicate. Due to its historical robustness – especially with regards to the historic development of average rents and space turnover – as well as the attractive demand-supply ratio, Cologne is a sustainable long-term investment location for this mandate.”
Niklas Räther, Executive Director Investment at AEW, added: “The combination of this high-quality location and attractive market fundamentals is rare. Given the size of its consumer pool, infrastructure landscape, and its geographical proximity to the seaports in Rotterdam and Antwerp, Cologne is one of the most sought-after locations in Germany. Consequently, the local logistics market is subject to sustained positive development. This acquisition in Marsdorf underscores the mandate’s strategy to selectively invest in the logistics sector.”