Patrizia has acquired a 52,572sqm logistics asset in the Netherlands for about €73m for its latest pan-European logistics fund.
The state-of-the-art facility in Tilburg was acquired off-market from sustainable real estate developer Dokvast on behalf of Logistik-Invest Europe III Fund.
It is the third acquisition for the core-plus real estate fund that was launched in October last year with €100m of equity.
Patrizia hopes to raise a further for €350m for the vehicle.
Patrizia said Tilburg is regarded as one of the best logistics locations in Europe, due to its proximity to the ports of Antwerp and Rotterdam, and direct access to Germany and the rest of continental Europe.
The facility is fully let to Stichd, a subsidiary of sportswear manufacturer Puma, and has been developed to high ESG and sustainability standards, with BREEAM certification and an A++ energy rating.
Alexander van Gastel, who led the transaction for Patrizia, said: “The sustained and rapid growth in e-commerce, as well as urbanisation and the onshoring of manufacturing across Europe, continues to drive the demand for prime logistics properties, especially in premium distribution hubs such as Tilburg.
“The strategic location of the property, between the ports of Rotterdam and Antwerp and the Rhine-Ruhr region of Germany, supports our conviction in this asset’s long-term potential.
“Its profile is well aligned to the objectives of Patrizia Logistik-Invest Europe III and we believe this investment opportunity which we sourced off-market thanks to our strong local team and expertise puts us on a good path for the year ahead.”