Global real estate investor PGIM Real Estate and pan European investor M7 Real Estate have created a €100 million joint venture focused on industrial and logistics properties in Germany.
The venture aims to acquire assets in prime locations and enhance their value through redevelopment and leasing. Two properties, totalling over €40 million, have already been secured.
The first asset is located in Mulheim and is currently leased to two tenants, occupying 75% of the space. There is potential to increase occupancy by leasing the remaining vacant area and constructing an additional 10,000 m2 of space.
The second property is a multi-unit logistics park located in Munster that was purchased through a short-term sale and leaseback agreement. The venture intends to renovate the building and lease it out to new tenants.
PGIM Real Estate is contributing to the joint venture through its European value-add strategy, which prioritizes urban logistics as a key asset class.
Source: PropertyEU 19 Sep 2024