Logistics real estate
Prologis acquires real estate portfolio with 260,000 square meters
Prologis has announced the acquisition of a portfolio of 11 buildings in Germany. The buildings are located in target markets that support the company's growth strategy: Rhine-Ruhr, Berlin, Rhine-Main, Rhine-Neckar, Hanover, Ulm and Regensburg.
The seller is an open-ended special AIF (special fund) of German pension funds, insurance companies and foundations managed by UBS Real Estate GmbH.
"Germany is a growth market and this acquisition allows us to better support both existing and future customers," says Björn Thiemann, Senior Vice President, Country Manager, Prologis Germany. "An important point is that most of the properties are in urban infill locations, which helps our customers to be even closer to the end consumer."
The properties are spread over a total of 60 hectares of land in central "micro-locations" and include both turnkey buildings and new development opportunities. Prologis is planning refurbishments and modernizations, including solar panels on the roofs, charging stations for electric vehicles and LED lighting.
One third of the UBS portfolio is leased to existing global customers of Prologis. In addition, Prologis Germany will gain two new major customers and several smaller new customers as a result of the transaction. Two of the acquired buildings are short- to medium-term redevelopment properties on around 27 hectares. Once the necessary refurbishment work has been completed, the properties will enable Prologis to offer its customers high-quality logistics space in sought-after regions with limited space.
"This transaction represents the implementation of our investment strategy in the region, which is to take advantage of the favorable market environment and create a stable income base with long-term growth potential," says Peter Rocker, Director and Head of Transactions Germany at UBS-AM REPM.
BNP and DLA Piper represented the seller. JLL, Hogan Lovells and AECOM advised Prologis.
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