Patrizia Immobilien has grown its logistics portfolio to around €400m across Europe with the acquisition of a new asset at the port of Amsterdam for around €59m.

Patrizia said it bought the 70,000sqm urban distribution centre for its open-ended alternative investment fund Patrizia Logistik-Invest Europa I from a Dutch developer.

The property will serve as an urban distribution centre in the Netherlands for a Dutch trading company who will occupy 100% of the facility on a long-term lease, the manager said.

As a result of this transaction, Patrizia’s logistics portfolio has grown to around €400m across Europe, including assets in France, Belgium, the Netherlands and Germany.

Rob Brook, Patrizia’s head of logistics investment, said: “From the perspective of the institutional investor, the attractiveness of the logistics sector has increased considerably in recent years due to the high levels of demand for this type of space as retailers adapt to the disruption caused by e-commerce.

“In addition to this, the asset class offers attractive yields in comparison to other commercial assets such as offices and retail. Logistics as an asset class across Europe will continue to be a focus area for PATRIZIA going forward.”