European real estate manager Patron Capital and Base Investments have set up a partnership aiming to put together a €250m portfolio of light industrial assets in the Netherlands over the next three years.
The duo have launched UrbanLinx, a platform that will focus on the “sustainable renovation and extension of existing buildings” and will look to acquire assets valued between €5m and €25m.
UrbanLinx has so far acquired a 150,000sqft asset in Houten from Conway Holding International, comprising a warehouse and office space and a 65,000sqft warehouse and office space asset in Amsterdam from Jurred Bedrijfshuisvesting.
Base Investments will take over asset management of both multi-let properties.
The venture expects to upgrade the buildings’ exterior, technological infrastructure and interior design over the next few years.
Julian Rosenburg, investment director at Patron Capital, said: “These deals in Houten and Amsterdam reflect our strategy of making targeted investments with the aim of creating modern light industrial schemes in future-proofed locations.
“In addition to robust income from a diversified tenant base, this scheme offers an opportunity to create value through sustainable refurbishment, which we will pursue together with our partners at Base Investments.”
The UrbanLinx venture extends the collaboration between Patron and the managers of Base Investments, which began 12 years ago when Patron acquired office and light industrial platform Merin.
Rodiaan Gijselaar, managing director of Base Investments, said: “We have worked successfully with Patron on the turnaround of Merin between 2012 and 2017. In the current market, we see again a big opportunity to invest in light industrial assets.
”This is a market with growing demand for high quality, sustainable buildings and with a supply that is not able to keep up with that demand. With the capital of Patron and the hands-on approach from Base Investments, we believe we can help to bridge that gap.”
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