Schroders Property Investment Management has sold a portfolio of six logistics warehouses in Germany to Prologis for €163m.
The sale price represents a capital value of more than €740 per m2 and exceeds the valuation of the assets, Schroders said.
The sheds were part of the Schroder Pan European Logistics Fund and 80% of the portfolio is located in Hanover, Hamburg and Munich. The portfolio was marketed by Jones Lang LaSalle and was sold after a three-round competitive bidding process.
Schroders expects to execute further sales soon, the company said in a statement.
The Schroder Pan European Logistics Fund was launched in 2003 and currently holds assets valued at about €470m.
Duncan Owen, head of property investment at Schroders, said: “This is a significant transaction for us in Europe. This disposal helps to achieve our strategy and maximises returns to investors in the fund. It is further evidence of the strength of Schroders’ Pan European platform.”
