Pontegadea, the investment vehicle of Spanish billionaire and Inditex founder Amancio Ortega, has acquired a 103,000 m2 warehouse in Venlo, the Netherlands for €105 mln.
Pontegadea purchased the property from Korea’s Vestas Investment Management in partnership with Savills Investment Management.
Savills IM said the duo achieved a double-digit net IRR on the sale, marking the end of a five-year business plan during which ‘significant’ capital value growth was booked on the asset. The transaction is believed to reflect a net initial yield of 4%, according to market sources.
The warehouse, located at Logistiekweg 2 in Venlo, was completed in 2018 and is fully leased to DSV, a leading third-party logistics operator.
The tenant originally signed up to a 10-year lease but has since extended its occupation due to the importance of this location for its logistics network in the Netherlands.
Venlo in the southeastern Netherlands is one of the country’s logistics hotspots, offering easy access to Rotterdam and Antwerp, and to Germany’s industrial Ruhr region.
Alistair Ennever, head of Europe, Vestas Investment Management, commented: 'We are very pleased to have concluded this transaction and wish to thank all those involved who helped make it happen. The quality of the asset and location are undoubted and despite recent market challenges we, in partnership with Savills IM, have delivered a double-digit return to our investors since acquisition in 2018.'
Vestas was advised on the deal by JLL, Savills and DLA Piper, while NL Real Estate, Knight Frank and Greenberg Traurig advised the buyer.
Inditex is no stranger to the Dutch logistics market: in 2017, the retail giant unveiled plans to build a 170,000 m2 distribution centre in Lelystad, around 60 km northeast of Amsterdam, its first outside Spain at the time. The LEED Gold-certified warehouse is located at Lelystad Airport Business Park (LAB).
