Schroder Property has increased the spending of its Schroder EuroLogistik Fonds Nr1 in Germany to E650m (£468m) following the purchase of a logistics development near Hanover International Airport.

The 613,548 sq ft development, which Schroder said was ‘significantly prelet’ is expected to be completed by the end of 2008.

The Schroder EuroLogistik Fonds Nr 1 was launched in 2004. It targets premium logistics assets in both Western and Central Europe and aims to grow to E1bn (£720m).