Patrizia Immobilien is buying a 57,000sqm logistics property in the Netherlands from Magna Tyres Group in a sale and leaseback deal.
The pan-European real estate investor’s Logistik-Invest Europa II fund has agreed to buy the newly built asset in Waalwijk for an undisclosed sum.
Emile Poort, head of transactions Benelux at Patrizia, said: “This property is another high-quality asset that underlines Patrizia’s continued interest in the pan-European logistics market, particularly the Netherlands, which is characterised by a limited supply of high-quality, modern warehouse space and increasing demand.
“It is this demand that will fuel favourable contractual terms and rental growth, and that means value growth for our clients.”
The latest acquisition follows the recent purchase of a logistics portfolio in Germany, also for the €700m Logistik-Invest Europa II fund. Across Europe, Patrizia manages almost €2bn of logistics assets.