Allianz Real Estate, on behalf of several Allianz group companies, has acquired a special purpose vehicle (SPV) owning a newly built, last-mile logistics facility in southern Vienna for EUR 72 million. The SPV has been sold to Allianz Real Estate by Exeter Property Group.
The prime facility sits c. 10 km from Vienna’s centre, located in the largest industrial and commercial area serving the Viennese market; it is also just 250 meters from the nearest Metro line. It is single tenanted by Amazon and is one of the company’s delivery stations in the region. While the core building covers 9,000 sqm, the total area being acquired including land covers 48,000 sqm, with much of it being used to host the delivery vehicles needed to meet demand.
Central to Allianz Real Estate’s management of the asset will be to continuously improve the sustainability of its operation, with the first step the installation of photovoltaic panels as a means to increasing the amount of energy derived from renewable sources. This will align the asset to the firm’s commitment to reducing carbon emissions by 25% by 2025 and becoming net-zero by 2050.
The logistics sector continues to be a central focus for Allianz Real Estate across all its markets as demand for high-quality facilities remains strong and long-term yields remain attractive. The sector has been very resilient during the pandemic, with well-located prime assets, including last-mile facilities, at the forefront of the asset class and stakeholder interest.
Allianz Real Estate’s global logistics portfolio grew to EUR 8.8 billion in assets under management, with EUR 3.8 billion in Europe, as at end-of 2020, up 22% year-on-year.
Deals announced at the end of last year include the acquisition of a 49% interest in a joint venture with Crow Holdings that will develop and own a build-to-core portfolio of 19 industrial assets in the US; and the acquisition of the Broni Logistics Park in Lombardy – the firm’s fifth logistics deal in Italy over the past 24 months. The firm’s acquisition of the portfolio of ALDI Distribution Centres with Charter Hall in Australia was also the largest such transaction in the country in 2020.
“We’re delighted to be able to acquire this highly attractive hub with a prime tenant servicing the high-growth, urbanized Vienna market,” said Thomas Villadsen, Director Austria & CEE at Allianz Real Estate. “Austria has not yet been viewed as a traditional logistics hub but this is an exceptional last-mile asset in an outstanding location.”
Hugues Braconnier, Head of Logistics at Allianz Real Estate, said: “While we have acquired logistics assets in North & Central Europe indirectly, this is our first direct transaction in the region. We have built, and continue to build, one of the most well-positioned logistics portfolios globally, including last-mile centers, and this facility in Austria again underscores our focus on the highest quality assets.”
Allianz Real Estate was advised by CMS, Drees & Sommer, Westbridge Advisory GmbH, PWC and KPMG; Exeter engaged CBRE’s London and Vienna offices to manage a sales process which ultimately selected Allianz Real Estate as the buyer.
