Europa Capital and ARC Real Estate Partners have acquired €35m worth of assets for a new Dutch light industrial platform set up by Europa’s fifth value-add fund.
In a joint statement, the companies said they have acquired two light-industrial portfolios in the Netherlands, comprising 19 properties across six different locations for the recently launched Dutch Light-Industrial Platform (DULIP).
The portfolio, which is 97% let, provides a total lettable floor area of 54,000sqm. The assets are located in Helmond, Bergen op Zoom, Barneveld, Weesp and Oosterhout, and the Schiphol area.
The investment provides an opportunity to improve capital values through re-lettings and capital investment, the companies said.
DULIP, managed by Europa’s local partner ARC, has a total investment capacity in excess of €100m.
James Fortescue, partner at Europa Capital, said: “DULIP has been created to provide institutional investors looking for attractive cash on cash yields with a diverse investment product.
“There has been a significant drop in the supply of light industrial space in the Netherlands, which has been fuelled by limited development activity, due to rising build costs, and the loss of land to residential development.
Olle van Alphen, managing partner at ARC Real Estate Partners, said: “These portfolios are well-positioned to benefit from this favourable supply/demand dynamics and we expect to see rental values increase.
“Our strategy is to actively manage and grow the portfolio, predominantly focusing on the Randstad area, which is one of the most economically important and densely populated areas in Europe.”
