Hines has bought a 40,000sqm logistics distribution centre in the Netherlands on behalf of the Hines European Value Fund 2 (HEVF 2) fund.
The international real estate firm said the acquisition of the distribution centre and the adjacent 4,000sqm retail premises in Tiel marks the fund’s first investment in the Netherlands.
Hines said HEVF 2 remains interested in gaining exposure to the Dutch logistics market because of its strong market dynamics, and this acquisition “represents an excellent opportunity due to the flexibility the asset offers and the potential to deploy Hines’ expertise to further add value”.
The HEVF fund series invests across the major real estate sectors. HEVF 1 focused on core-plus and value-add office investments and HEVF 2 is most active in the logistics and living sectors.
Hines said HEVF 2 now has almost 60% allocated to 8 investments across Italy, Germany, UK, the Netherlands and Spain with several other investments also in exclusivity.
Paul White, senior managing director and HEVF 2 fund manager at Hines, said: “HEVF 2 continues to see opportunity and value in the logistics sector, so we are pleased to have acquired our first logistics asset in the Netherlands.
“Its location is important, as we foresee strong long-term growth prospects for logistic assets in the area which is well-positioned to serve the Netherlands.”
Andy Smith, senior managing director and country head for the Netherlands at Hines, said: “We continue to grow our portfolio of high-quality assets, development projects and tenants across The Netherlands, particularly in the logistics, living and mixed-use sectors.
“This acquisition is consistent with our established value-oriented approach. It is a high-quality location with highly functional buildings that we can improve over time so that it continues to serve the tenant well into the future.”
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