Global real estate investment manager AEW has bought a 20,000sqm warehouse development in the Netherlands for an unnamed German pension fund.

AEW said the De President logistics development in Hoofddorp was bought through a forward funding agreement with developer Minerva Development. Financial details were undisclosed.

The asset, due to complete in mid-2022, is fully let to Dutch fashion retailer Scotch & Soda on a 10-year lease.

Marc Langenbach, managing director, head of funds and separate accounts Germany at AEW, said: “This transaction presents an attractive opportunity to acquire a high quality, Grade A logistics asset with strong sustainability credentials. 100% pre-let to Scotch & Soda, the property will provide long-term income for our client, matching their investment objectives.”

Frederique Weber, country manager for The Netherlands at AEW, said: “The asset is strategically located in one of the fastest growing economic hubs in the Netherlands, and in close proximity to Amsterdam, the Hague and Rotterdam, as well as Schiphol Airport.

“Delivery is planned for 2022 and we are looking forward to our partnership with Minerva. This acquisition further expands our Dutch logistics footprint and we remain focused on securing attractive opportunities for our clients in the Netherlands.”

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