PGIM Real Estate has entered into a joint venture with Aventos to acquire industrial properties throughout Germany.
PGIM Real Estate said the company, which is being conducted in the name of its European value-added strategy, plans to build a multi-million euro portfolio over the next two years.
The partnership will focus on permanent investments or developments under construction with ideal lot sizes between 10 and 40 million euros in well-served urban or suburban areas. It will target the first seven cities as well as growing regions such as Nuremberg, Hanover, Potsdam and Kassel.
PGIM Real Estate has stated that its joint venture developer and asset manager Aventos will procure the investments and be responsible for the management of the properties.
The latest partnership follows PGIM Real Estate’s recent announcement of a partnership with Madrid property manager Azora to invest â¬ 150 million in last mile logistics in Spain.
Dominik Brambring, Head of Germany and the Netherlands at PGIM Real Estate, said: âWarehouses / logistics and light industrial real estate have kept their benchmarks in the corona crisis and offer attractive yield opportunities. We continue to develop our exposure to the logistics sector, against a backdrop of increasing online retail demand and a growing emphasis on supply chain resilience.
âGiven the continued competition for high quality spaces, there is a positive dynamic for the growth of premium rents in logistics and manufacturing. With Aventos’ in-depth expertise and knowledge of logistics and light industry, the portfolio will provide investors with access to high quality locations. We are delighted to be embarking on this new venture.
Karim Rochdi, Managing Partner and Founder of Aventos, said: âWe are well networked in the market and are constantly checking out attractive properties. Thanks to the capital strength of PGIM Real Estate, we will be able to operate even more effectively in the market in the future. “
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