AEW Europe completes double Euro shed spend

Paris-based AEW Europe has completed a €119.5 million purchase of seven German and Dutch logistics assets from ProLogis European Property and a €16 million purchase of warehouse in France from Goodman.

Paris based AEW Europe has bought a seven-strong logistics property portfolio from ProLogis European Properties, the Amsterdam listed investment fund managed by Denver based ProLogis.

AEW Europe has paid €119.5 million for the warehouses in Germany and The Netherlands in a deal expected to close over the next six to eight weeks. AEW Europe has completed the acquisition on behalf of its core-plus Curzon Capital Partners II, a fund managed by former AEW Europe chief investment officer Ric Lewis.

The fund also bought a unit on the Zone Parc du Beck in Wattrelos, north of Lille, from Australian logistics company Goodman’s European Logistics Fund.

Lewis, who retired from his position at the end of last year stayed on to manage the fund. He also manages Curzon Capital Partners I and the AEW Europe European Property Investors and European Property Investors Special Opportunities funds.

The portfolio comprises 229,000 square meters in Bergen op Zoom, Haaften and Rotterdam in The Netherlands and Neumarkt, Peine, Soest and Straubing in Germany.

AEW has been an active buyer of logistics properties of late, purchasing a unit in Rugby, in England’s Midlands in March; and a unit further south in Dartford near London. Both these units were developed by ProLogis.

ProLogis European Properties said the sale would enable the company to continue reducing its debt position.