The purchase is part of an aggressive move to diversify thecompany's portfolio in terms of both geography and product type,says Christopher Duisberg, managing director of AIFAA US.Traditionally, the company has focused exclusively on officeproperties in Western Europe. "The idea was to get into other typesof properties to provide a better hedge against market changes," hetells GlobeSt.com. The firm has $674.3 million invested in 22 USproperties. Other recent acquisitions include a 50,000-sf retailcenter in Chicago bought in March for $21 million and 220,000-sfoffice building in lower Manhattan bought last year for $42million.

Located in Rickenbacker Global Logistics Park, the two-buildingGroveport property consists of a 573,696-sf building at 2829 RohrRd. fully leased to Exel Logistics and 624,000-sf building at 2859Rohr fully leased to Whirlpool Corp. The seller was a partnershipof the Columbus Regional Airport Authority, Indianapolis-based DukeRealty Corp. and Columbus-based Capitol Square Ltd. Duisbergdescribes the buildings as typical of the kind the company isseeking. "Both properties are fully leased to high-credit tenantswith solid upside potential. Our strategy is on the conservativeside. We want only income-producing properties," he says, addingthat 10 years is standard minimum hold time.

The buildings' location near Columbus' RickenbackerInternational Airport will enable the fund to capitalize on theregion's rapid growth as a major logistics center. The market hasseveral large intermodal centers complete or in development and hasbecome a major target for European investors. A division of Germaninsurer Allianz SE in 2006 paid $78.7 million for four Columbusdistribution centers totaling two million sf for in 2006, and lastyear UK-based Strategic Real Estate Advisors acquired nineRickenbacker area industrial sites as part of a larger USportfolio.