Union Investment, on behalf of its open-ended UniImmo Global vehicle, has acquired an 83,000sqm Dutch logistics portfolio from Stellar Development.

The manager has partnered with Stellar on the speculative forward funding logistics portfolio of three developments in Wijchen, Aalsmeer, Utrechtin the Netherlands. Financial details were undisclosed.

Stephan Riechers, head of investment management logistics and light industrial at Union Investment, said: “As the fifth-largest economy in the EU, the Netherlands has developed into an important distribution centre in Europe due to its favourable location and first-class air and seaports. All three projects are in established locations. Aalsmeer is close to Schiphol Airport, and Utrecht is a well-known e-commerce cluster.

“Wijchen, on the other hand, is a strong logistics market with high demand for national XXL logistics and is one of the four fastest-growing logistics hotspots in the Netherlands.”

Union Investment’s logistics portfolio currently comprises 57 properties with a volume of around €2.5bn.

Union Investment’s logistics portfolio is set to grow to a volume of over €5bn in the medium term and Riechers said the purchase of the portfolio from Stellar Development is a further step in this direction.

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

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