PGIM Real Estate and AVENTOS invest in logistics, industrial properties in Germany

PGIM Real Estate has entered into a joint venture with AVENTOS, an independent developer and asset-management platform, to acquire warehouse/logistics and light-industrial properties across Germany.

Over the next two years, a portfolio with a multi-million euro volume will focus on standing investments or ground-up developments with ideal lot sizes between €10 million and €40 million ($12 million to $47 million) in urban or well-connected suburban locations close to population centers. AVENTOS will source the investments and be responsible for managing the properties.

The venture will target Germany’s seven largest cities, as well as growth regions such as Nuremberg, Hannover, Potsdam and Kassel. The team will look for opportunities to further develop sites in the portfolio to bring them into line with best market standards.

This venture follows PGIM Real Estate’s recent announcement of teaming up with Madrid-based real estate manager Azora to invest €