Union Investment has acquired a logistics development in the Netherlands in a forward funding deal.

The manager said the Greenfield logistics project in Venlo was acquired for a special logistics fund it set up last year with Garbe Industrial Real Estate last year. The seller Hessing is also the future tenant of the property with a 20-year lease.

The 61,750sqm logistics development will be built by the end of the third quarter of 2022.

Stephan Riechers, the head of logistics and light industrial investment management at Union Investment, said: “Due to its location and connectivity, Venlo is one of the most important logistics locations in Europe.

“The logistics centre is located between the ports of Rotterdam and Antwerp as well as the European hinterland and is a trimodal location that is not only well connected to the motorway network but also benefits from an inland shipping terminal and a newly built freight yard.”

Union Investment’s logistics portfolio currently comprises 59 properties worth around €2.6bn.

“A total of twelve European country markets are on our buying radar, including the Netherlands, Germany, France, Scandinavia and Poland,” said Riechers.

To read the digital edition of the latest IPE Real Assets magazine click here.

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